DCP Midstream’s $325 Million Upsized Senior Notes Offering

Baker Botts advised the Underwriters on the offering

DCP Midstream, LP (NYSE: DCP) (the “Partnership”) announced the pricing of an upsized offering by its wholly owned subsidiary, DCP Midstream Operating, LP (the “Operating Partnership”), of $325 million aggregate principal amount of 5.375% senior notes due 2025. The notes will be fully and unconditionally guaranteed by the Partnership. The offering is expected to close on January 18, 2019, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the net proceeds from the offering for general partnership purposes, including the funding of capital expenditures and the repayment of indebtedness under its revolving credit facility.

Mizuho Securities USA LLC, Barclays Capital Inc., SunTrust Robinson Humphrey, Inc., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC are acting as joint book-running managers for the offering. PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc. and BB&T Capital Markets, a division of BB&T Securities, LLC, are acting as co-managers for the offering.

Baker Botts advised with a team including Josh Davidson (Picture, Houston); A.J. Ericksen (Partner, Houston), Eileen Boyce (Senior Associate, Houston), Katie Belleville (Associate, Houston) and Steven Lackey (Associate, Houston) and Chuck Campbell (Special Counsel, Houston).

Involved fees earner: Katie Mize Belleville – Baker Botts; Eileen Boyce – Baker Botts; Chuck Campbell – Baker Botts; Joshua Davidson – Baker Botts; A.J. Ericksen – Baker Botts; Steven Lackey – Baker Botts;

Law Firms: Baker Botts;

Clients: Barclays Capital; BB&T Capital Markets; BB&T Securities, LLC; Citigroup Global Markets Ltd; Mizuho Securities; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; Smbc Nikko Capital Markets Limited; SunTrust Robinson Humphrey, Inc.; TD Securities; US Bancorp;

Author: Ambrogio Visconti