DCP Midstream to use unit offering to repay credit facility due 2016

By Tali David

Minneapolis, March 1 - DCP Midstream Partners, LP plans to use the net proceeds of its 4.75 million common unit offering to repay indebtedness outstanding under its revolving credit facility and for general partnership purposes, according to a 424B5 filed with the Securities and Exchange Commission.

As of Dec. 31, total borrowings under the revolving credit facility, which is due on Nov. 10, 2016, were $497 million. Also as of Dec. 31, the weighted average interest rate under the revolving credit facility was 1.69% per year.

DCP is a Denver-based company focused on gathering, processing, transporting and marketing natural gas, propane and natural gas liquids.

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