HubsBaker 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)
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)
ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 650 lawyers practicing throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology, and life sciences sectors. Since 1840, 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.
