DCP Midstream’s $1.53 Billion Elimination of Incentive Distribution Rights

Bracewell LLP advised the general partner of DCP Midstream, equally owned by Enbridge Inc. (NYSE: ENB) and Phillips 66 (NYSE: PSX).

DCP Midstream, LP (NYSE: DCP) entered into an agreement to eliminate all general partner economic interests in DCP and incentive distribution rights (IDRs) in DCP in exchange for 65 million newly issued DCP common units.

DCP’s general partner is equally owned by Enbridge Inc. (NYSE: ENB) and Phillips 66 (NYSE: PSX).

The newly issued DCP common units have a total equity value of approximately $1.53 billion.

Bracewell lawyers involved in the transaction included Partners William S. Anderson (Picture), Elizabeth L. McGinley, Lance W. Behnke, Steven J. Lorch and Daniel E. Hemli, Counsel Jacqueline R. Java, Associates Benjamin J. Martin, Andrew W. Monk, Sarah Ashley Byrd and Caroline E. Ellis.

Involved fees earner: William Anderson – Bracewell; Lance Behnke – Bracewell; Sarah Ashley Byrd – Bracewell; Daniel Hemli – Bracewell; Jacqueline Java – Bracewell; Steven Lorch – Bracewell; Benjamin Martin – Bracewell; Elizabeth McGinley – Bracewell; Andrew Monk – Bracewell;

Law Firms: Bracewell;

Clients: DCP Midstream LLC;

Author: Ambrogio Visconti