2013-03-11 20:47:55 -
MEDIA AND INVESTOR RELATIONS CONTACT:
March 11, 2013 Phone: 303/605-1868
DCP Midstream Partners Announces Pricing of 3.875% Senior Notes
DENVER- DCP Midstream Partners, LP (NYSE: DPM) (the Partnership) announced today
that its wholly owned subsidiary, DCP Midstream Operating, LP (the Operating
Partnership), priced an offering of $500 million aggregate principal amount of
its 3.875% senior notes due 2023 at a price to the public of 98.718% of their
face value. The senior notes will be fully and unconditionally guaranteed by the
Partnership. The offering is scheduled to close on March 14, 2013, subject to
customary closing conditions.
The Operating Partnership intends to use the net proceeds from this offering (i)
to fund a portion of the cash purchase price of the previously announced Eagle
Ford Transaction and related expenses, and (ii) for general partnership
purposes. If the Eagle Ford Transaction is not consummated, the Operating
Partnership intends to use such net proceeds from this offering to repay
indebtedness outstanding under its revolving credit facility, for organic growth
projects, and for general partnership purposes.
RBC Capital Markets, LLC, RBS Securities Inc., SunTrust Robinson Humphrey, Inc.,
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and US Bancorp
Investments, Inc. are acting as joint book-running managers for this offering.
DNB Markets, Inc. and Scotia Capital (USA) Inc. are acting as co-managers for
this offering. When available, a copy of the prospectus supplement and
accompanying prospectus relating to the offering may be obtained from any of the
underwriters by contacting
RBC Capital Markets, LLC
Three World Financial Center
200 Vesey Street, 8th Floor
New York, NY 10281
Telephone: (866) 375-6829
RBS Securities Inc.
600 Washington Boulevard
Stamford, CT 06901
Telephone: (866) 884-2071
SunTrust Robinson Humphrey, Inc.
3333 Peachtree Road, 11th Floor
Atlanta, GA 30326
Attn: Prospectus Department
Telephone: (800) 685-4786
Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
11 Madison Avenue
New York, NY 10010
Phone: (800) 221-1037
Deutsche Bank Securities Inc.
Attn: Prospectus Group
60 Wall Street
New York, NY 10005-2836
Phone: (800) 503-4611
US Bancorp Investments, Inc.
U.S. Bancorp Investments, Inc.
214 N. Tryon
Charlotte, NC 28202
Phone: (877) 558-2607
You may also obtain these documents free of charge when they are available by
visiting the Securities and Exchange Commission's website at www.sec.gov.
The senior notes are being offered and will be sold pursuant to an effective
shelf registration statement that was previously filed with the Securities and
Exchange Commission. This press release does not constitute an offer to sell or
the solicitation of an offer to buy the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction. This
offering is being made only by means of a prospectus and related prospectus
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership
engaged in the business of gathering, compressing, treating, processing,
transporting, storing and selling natural gas; producing, fractionating,
transporting, storing and selling NGLs and condensate; and transporting, storing
and selling propane in wholesale markets. DCP Midstream Partners, LP is managed
by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP
Midstream, LLC, a joint venture between Spectra Energy Corp. and Phillips 66.
This press release contains forward-looking statements as defined under the
federal securities laws, including statements regarding the intended use of
offering proceeds and other aspects of the senior notes offering. Although
management believes that expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations will
prove to be correct. In addition, these statements are subject to certain
risks, uncertainties and other assumptions that are difficult to predict and may
be beyond our control, including market conditions, customary offering closing
conditions, closing of the Eagle Ford Transaction and other factors described in
the prospectus and accompanying prospectus supplement for the offering. If one
or more of these risks or uncertainties materialize, or if underlying
assumptions prove incorrect, the Partnership's actual results may vary
materially from what management anticipated, estimated, projected or expected.
Investors are encouraged to closely consider the disclosures and risk factors
contained in the Partnership's annual and quarterly reports filed from time to
time with the Securities and Exchange Commission and in the prospectus and
related prospectus supplement. The statements herein speak only as of the date
of this press release. The Partnership undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DCP Midstream Partners LP via Thomson Reuters ONE