DCP Midstream, LP’s $500 Million Preferred Offering


Baker Botts advised the Underwriters on the transaction

DCP Midstream, LP (NYSE: DCP) issued and sold 500,000 of its 7.375% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) at a price of $1,000 per Series A Preferred Unit. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering. The offering closed on November 20, 2017.

DCP received net proceeds of approximately $487.8 million, after deducting the underwriters’ discounts and estimated offering expenses. DCP intends to use the net proceeds from this offering for general partnership purposes, including the repayment of its 2.500% Senior Notes due December 1, 2017.

Baker Botts addvised with a team including Josh Davidson (Picture – Partner; Houston); Sarah E. Berens (Senior Associate; New York); Katie Belleville (Associate; Houston); Hayley Hervieux (Associate; Houston); Michael Bresson (Partner; Houston) and T. Chuck Campbell (Special Counsel; Houston) (Tax).

Involved fees earner: Joshua Davidson – Baker Botts; Sarah Berens – Baker Botts; Katie Mize Belleville – Baker Botts; Hayley Hervieux – Baker Botts; Michael Bresson – Baker Botts; Chuck Campbell – Baker Botts;

Law Firms: Baker Botts;

Clients: Merrill Lynch, Pierce, Fenner & Smith Incorporated; RBC Capital Markets; Wells Fargo; JP Morgan Securities;

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Author: Ambrogio Visconti