DENVER, Feb. 27, 2014 - DCP Midstream Partners, LP (NYSE: DPM) (the "Partnership") announced today that it has priced an underwritten public offering of 12,500,000 common units representing limited partner interests at $48.90 per common unit. The offering is expected to close on March 5, 2014. The Partnership also granted the underwriters a 30-day option to purchase up to 1,875,000 additional common units.
The Partnership intends to use the net proceeds from this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional common units, (i) to repay indebtedness outstanding under its commercial paper program, (ii) to pay a portion of the purchase price of the Partnership's previously announced dropdown transaction, (iii) for organic growth projects and (iv) for general partnership purposes.
Wells Fargo Securities, Barclays, BofA Merrill Lynch, Citigroup, Morgan Stanley, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets acted as joint book-running managers for the offering. Baird, Stifel, BB&T Capital Markets and Ladenburg Thalmann & Co. Inc. acted as co-managers for the offering. When available, a copy of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from any of the underwriters by contacting:
Wells Fargo Securities Attn: Equity Syndicate Dept. 375 Park Avenue New York, New York 10152 Phone: (800) 326-5897 firstname.lastname@example.org
Barclays c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York 11717 Phone: (888) 603-5847 email@example.com
BofA Merrill Lynch Attn: Prospectus Department 222 Broadway New York, New York 10038 firstname.lastname@example.org
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York 11717 Phone: (800) 831-9146 email@example.com
Morgan Stanley Attn: Prospectus Department 180 Varick Street, 2nd Floor New York, New York 10014
Credit Suisse Attn: Prospectus Department One Madison Avenue New York, New York 10010 Phone: (800) 221-1037 firstname.lastname@example.org
Deutsche Bank Securities Attn: Prospectus Group 60 Wall Street New York, New York 10005-2836 Phone: (800) 503-4611 email@example.com
Goldman, Sachs & Co. Attn: Prospectus Department 200 West Street New York, New York 10282 Phone: (866) 471-2526 firstname.lastname@example.org
J.P. Morgan Attn: Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, New York 11717 Phone: (866) 803-9204
RBC Capital Markets Attn: Equity Syndicate Three World Financial Center 200 Vesey Street, 8th Floor New York, New York 10281-8098 Phone: (877) 822-4089
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 common units 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 supplement.
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 recovering and selling condensate; and transporting, storing and selling propane in wholesale markets. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LP, which in turn is managed by its general partner, DCP Midstream GP, LLC, which is wholly-owned by DCP Midstream, LLC, a joint venture between Phillips 66 and Spectra Energy Corp.
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 common unit 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 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 for the offering. 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.