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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Monday, December 9, 11:22 PM

Slide #53. DCP Midstream, LP Preferred Stock Offering

Company: DCP Midstream, LP (NYSE:DCP)
Date announced: 5/9/2018
Shares Offered: 6,000,000
Date of Pricing: 5/9/2018
Price Per Share: $25.00
Preferred Stock Offering Details: DCP Midstream, LP (NYSE:DCP) ("DCP") announced today that it has priced 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 $25.00 per unit. DCP also granted the underwriters a 30-day option to purchase up to 900,000 additional Series B Preferred Units. Distributions on the Series B Preferred Units will be payable quarterly and are cumulative from and including the original issue date to, but not including, June 15, 2023 at a fixed rate equal to 7.875% per annum of the stated liquidation preference of $25.00 per unit. On and after June 15, 2023, distributions on the Series B 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 4.919%. The offering is expected to close on May 11, 2018, subject to the satisfaction of customary closing conditions.

DCP Midstream is a limited partnership that owns, operates, acquires and develops a portfolio of midstream energy assets. Co.'s operations are organized into two reportable segments: Logistics and Marketing and Gathering and Processing. Co.'s Logistics and Marketing segment includes transporting, trading, marketing and storing natural gas and natural gas liquids (NGLs), fractionating NGLs and wholesale propane logistics. Co.'s Gathering and Processing segment consists of gathering, compressing, treating, and processing natural gas, producing and fractionating NGLs, and recovering condensate.
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Name:  DCP Midstream LP
Website:  www.dcpmidstream.com
Sector:  Oil & Gas Equipment & Services
Number of ETFs Holding DCP:  3 (see which ones)
Total Market Value Held by ETFs:  $11,748,803
Total Market Capitalization:  $2,958,000,000
% of Market Cap. Held by ETFs:  0.40%
 

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