News Releases

Baker Botts Represents the Underwriters in $500 Million Preferred Offering by DCP Midstream, LP

Release
Deal Description: November 13, 2017 - 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 Lawyers/Office Involved:

Corporate: Josh Davidson (Partner; Houston); Sarah E. Berens (Senior Associate; New York); Katie Belleville (Associate; Houston); Hayley Hervieux (Associate; Houston)
Tax: Michael Bresson (Partner; Houston); T. Chuck Campbell (Special Counsel; Houston)

 

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