DCP Midstream (DPM) Unit Announces $350M Senior Notes Offering
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DCP Midstream Partners, LP (NYSE: DPM) reports its wholly-owned subsidiary, DCP Midstream Operating, LP (the Operating Partnership), intends to issue $350 million aggregate principal amount of senior notes due 2022. The senior notes will be fully and unconditionally guaranteed by the Partnership.
The Operating Partnership intends to use the net proceeds from the offering (i) to fund the cash portion of the purchase price of the Partnership’s previously announced contribution by DCP Midstream, LLC to the Partnership of the additional 66.67% interest in the Southeast Texas system (the Southeast Texas Transaction) and pay related expenses, (ii) to repay all of the outstanding borrowings under its $135 million term loan, and (iii) for general partnership purposes, including repayment of borrowings under its revolving credit facility. If the Southeast Texas Transaction is not consummated, the Operating Partnership intends to use the net proceeds from the offering to repay all of the outstanding borrowings under its $135 million term loan, to repay indebtedness outstanding under its revolving credit facility and for general partnership purposes.
The Operating Partnership intends to use the net proceeds from the offering (i) to fund the cash portion of the purchase price of the Partnership’s previously announced contribution by DCP Midstream, LLC to the Partnership of the additional 66.67% interest in the Southeast Texas system (the Southeast Texas Transaction) and pay related expenses, (ii) to repay all of the outstanding borrowings under its $135 million term loan, and (iii) for general partnership purposes, including repayment of borrowings under its revolving credit facility. If the Southeast Texas Transaction is not consummated, the Operating Partnership intends to use the net proceeds from the offering to repay all of the outstanding borrowings under its $135 million term loan, to repay indebtedness outstanding under its revolving credit facility and for general partnership purposes.
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