Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Thursday, April 18, 3:25 AM
Slide #181. DCP Midstream, LP — Preferred Stock Offering
| Company: |
DCP Midstream, LP (DCP) |
| Date announced: |
10/2/2018 |
| Shares Offered: |
4,000,000 |
| Date of Pricing: |
10/2/2018 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
DCP Midstream, LP (NYSE: DCP) ("DCP") announced today that it has commenced, subject to market conditions, an underwritten public offering of Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference of $25.00 per unit, representing limited partner interests in DCP (the "Series C Preferred Units"). DCP expects to grant the underwriters a 30-day option to purchase additional Series C Preferred Units. -updated 10/2- DCP Midstream, LP (NYSE: DCP) ("DCP") announced today that it has priced an underwritten public offering of 4,000,000 of its 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the "Series C Preferred Units") at a price of $25.00 per unit. DCP also granted the underwriters a 30-day option to purchase up to 600,000 additional Series C Preferred Units. Distributions on the Series C Preferred Units will be payable quarterly in arrears and are cumulative from and including the original issue date to, but not including, October 15, 2023 at a fixed rate equal to 7.95% per annum of the stated liquidation preference of $25.00 per unit. On and after October 15, 2023, distributions on the Series C Preferred Units will accumulate for each distribution period at a percentage of the liquidation preference equal to the three-month LIBOR plus a spread of 4.882%. The offering is expected to close on October 4, 2018, subject to the satisfaction of customary closing conditions. |
DCP Midstream is a holding company. Through its subsidiaries, Co. owns, operates, acquires and develops a portfolio of midstream energy assets. Co.'s segments are Logistics and Marketing and Gathering and Processing. The Logistics and Marketing segment includes purchasing natural gas liquids (NGLs) on behalf of third-party NGL producers for shipment on Co.'s NGL pipelines and resale in primary markets. The Gathering and Processing segment includes gathering, compressing, treating, and processing natural gas, producing and fractionating NGLs, and recovering condensate. Co.'s Gathering and Processing segment's operations are organized into four regions: North, Permian, Midcontinent and South.
Preferreds: DCP.PRB, DCP.PRC
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