DENVER, May 09, 2018 (GLOBE NEWSWIRE) -- 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 Announces Pricing of Series B Preferred Units
May 09, 2018
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