Deal Description: On May 8, 2019, DCP Midstream, LP (NYSE: DCP) (the “Partnership”) announced the pricing of an offering by its wholly owned subsidiary, DCP Midstream Operating, LP (the “Operating Partnership”), of $600 million aggregate principal amount of 5.125% senior notes due 2029, which was upsized from the initially proposed $500 million offering. The notes will be fully and unconditionally guaranteed by the Partnership. The offering is expected to close on May 10, 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 repayment of indebtedness under its revolving credit facility and the funding of capital expenditures. 

Citigroup Global Markets Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, and SunTrust Robinson Humphrey, Inc. 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.

Clients: Citigroup Global Markets Inc., MUFG Securities Americas Inc., TD Securities (USA) LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC, and SunTrust Robinson Humphrey, Inc., 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.

Other Parties: DCP Midstream, LP and DCP Midstream Operating, LP

Outside Counsel to the Partnership:Holland & Hart LLP

Value: $600 million

Baker Botts Lawyers/Offices Involved: 

Corporate: Josh Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston), Eileen Boyce (Senior Associate, Houston), Katie Belleville (Associate, Houston), Steven Lackey (Associate, Houston) and Jack Chadderdon (Associate, Houston)

Tax: Chuck Campbell (Special Counsel, Houston)

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

Energy Regulatory: Emil Barth (Special Counsel, D.C.) and Kyle Henne (Associate, D.C.)

Real Estate: Connie Simmons Taylor (Partner, Houston) and Sarabeth Westwood (Associate, Houston)

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