DCP Midstream Partners (DPM) Completes Acquisition in DCP East Texas Holdings for $165 Million
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DCP Midstream Partners, LP (NYSE: DPM) has completed the previously announced dropdown of the remaining 49.9 percent interest in DCP East Texas Holdings, LLC from the owner of its general partner, DCP Midstream, LLC.
The $165 million transaction, which is subject to certain customary working capital and other purchase price adjustments, was financed at closing through a term loan and the issuance of 727,520 DPM common units to DCP Midstream, LLC.
The East Texas system includes a complex currently processing 550 million cubic feet per day, 900 miles of gathering and transportation pipelines, and favorable market access through the Carthage Hub, a key exchange point for 1.5 billion cubic feet per day of gas volumes.
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The $165 million transaction, which is subject to certain customary working capital and other purchase price adjustments, was financed at closing through a term loan and the issuance of 727,520 DPM common units to DCP Midstream, LLC.
The East Texas system includes a complex currently processing 550 million cubic feet per day, 900 miles of gathering and transportation pipelines, and favorable market access through the Carthage Hub, a key exchange point for 1.5 billion cubic feet per day of gas volumes.
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