News Releases

Baker Botts Represents the Underwriters in $150 Million Preferred Offering by DCP Midstream, LP

News Release
Deal Description: May 9, 2018 - DCP Midstream, LP (NYSE: DCP) (“DCP”) announced the pricing of an underwritten public offering of 6,000,000 of its 7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) at a price of $25 per Series B Preferred Unit. DCP also granted the underwriters a 30-day option to purchase up to 900,000 additional Series B Preferred Units. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers of the offering. The offering is expected to close on May 11, 2018, subject to the satisfaction of customary closing conditions.

DCP expects to receive net proceeds of approximately $143.9 million, after deducting the underwriters’ discounts and estimated offering expenses (excluding any proceeds from the exercise of the underwriters’ over-allotment option). DCP intends to use the net proceeds from this offering, including the proceeds from any exercise of the underwriters’ over-allotment option, for general partnership purposes, including the funding of capital expenditures and the repayment of outstanding indebtedness under its revolving credit facility.

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)

Environmental: Scott Janoe (Partner; Houston); Kim Tuthill White (Senior Associate; Houston)

Real Estate: Connie Simmons Taylor (Partner; Houston); Nina Culotta (Associate; Houston)

Regulatory: Greg Wagner (Partner; Washington); Andrew Stuyvenberg (Associate; Washington)

Tax: T. Chuck Campbell (Special Counsel; Houston)

 

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About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy and technology sectors. Throughout our 178-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

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