DCP Midstream”s $500 Million Senior Notes Offering

Baker Botts represented the underwriters.

On June 17, 2020, DCP Midstream, LP (NYSE: DCP) announced the pricing of an upsized offering by its wholly owned subsidiary, DCP Midstream Operating, LP (“Operating Partnership”), of $500 million aggregate principal amount of 5.625% senior notes due 2027, which was upsized from the initially proposed $400 million offering. The notes will be fully and unconditionally guaranteed by the Partnership. The offering is expected to close on June 24, 2020, 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 repayment of indebtedness under its revolving credit facility and the funding of capital expenditures.

The underwriters included BofA Securities, Inc. and Wells Fargo Securities, LLC as joint active book-running managers for the offering. PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for the offering. Regions Securities LLC is acting as co-manager for the offering.

DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets.

The Baker Botts team was led by Josh Davidson (Picture) and included A.J. Ericksen, Katie Belleville, Steven Lackey, Joshua Dunegan, Chuck Campbell, Scott Janoe, Kim Tuthill White, Emil Barth, Kyle Henne, Connie Simmons Taylor and Austin Jennings.

Involved fees earner: Emil Barth – Baker Botts; Katie Mize Belleville – Baker Botts; Chuck Campbell – Baker Botts; Joshua Davidson – Baker Botts; Joshua Dunegan – Baker Botts; A.J. Ericksen – Baker Botts; Kyle Henne – Baker Botts; Scott Janoe – Baker Botts; Austin Jennings – Baker Botts; Steven Lackey – Baker Botts; Consuella Simmons Taylor – Baker Botts; Kimberly Tuthill White – Baker Botts;

Law Firms: Baker Botts;

Clients: Bank of America Securities; PNC Capital Markets LLC; Regions Securities LLC; SMBC Nikko Securities America; SunTrust Robinson Humphrey, Inc.; US Bancorp Investments Inc.; Wells Fargo Securities;

Author: Ambrogio Visconti