Deal Description: On June 17, 2020, DCP Midstream, LP (NYSE: DCP) (the “Partnership”) announced the pricing of an upsized offering by its wholly owned subsidiary, DCP Midstream Operating, LP (the “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, represented by Baker Botts, 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. 

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

Value: $500 million 

Baker Botts Lawyers/Office Involved: 

Corporate: Josh Davidson (Partner, Houston); A.J. Ericksen (Partner, Houston); Katie Belleville (Associate, Houston); Steven Lackey (Associate, Houston) and Joshua Dunegan (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 Austin Jennings (Associate, Houston) 

For more information, please see DCP Midstream, LP’s news release here.

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