By Andrea Heisinger
New York, Sept. 23 - DCP Midstream Operating LP sold $250 million of 3.25% five-year senior unsecured notes on Thursday at Treasuries plus 195 basis points, a source who worked on the trade said.
The notes were sold at the tight end of guidance in the 200 bps area, with a margin of plus or minus 5 bps.
The five-years (/BBB-/BBB-) priced at 99.922 to yield 3.267%. They are callable at a make-whole of Treasuries plus 30 bps.
Morgan Stanley & Co. Inc. and Wells Fargo Securities were active bookrunners. Barclays Capital Inc., Citigroup Global Markets and Credit Suisse Securities were passives.
RBS Securities and SunTrust Robinson Humphrey were co-managers.
Proceeds are being used to repay funds borrowed under the revolving part of a credit facility.
The deal is guaranteed by Midstream Partners LP.
The energy midstream company is based in Denver.
| Issuer: | DCP Midstream Operating LP
|
| Guarantor: | DCP Midstream Partners LP
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2015
|
| Bookrunners: | Morgan Stanley & Co. Inc., Wells Fargo Securities (active), Barclays Capital Inc., Citigroup Global Markets, Credit Suisse Securities (passive)
|
| Co-managers: | RBS Securities, SunTrust Robinson Humphrey
|
| Coupon: | 3.25%
|
| Price: | 99.922
|
| Yield: | 3.267%
|
| Spread: | Treasuries plus 195 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Sept. 23
|
| Settlement date: | Sept. 30
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 200 bps area, plus or minus 5 bps
|
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