DCP Midstream LP subsidiary DCP Midstream Operating LP offered to sell an additional $150 million of its 5.375% senior notes due 2025, on top of an existing $500 million of the same series of notes issued July 17, 2018.
The new offering would have equal terms to the existing notes, and both would be treated as a single series of debt securities, according to a Jan. 16 news release. The DCP Midstream unit plans to use proceeds from the offering for general partnership purposes, which includes capital expenditure funding and revolver debt repayment.
DCP's operating subsidiary also said the completion of the offering would rely on market conditions, among other things.
Mizuho Securities USA LLC, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC are acting joint book-running managers for the offering.