DCP Midstream plans two-part notes offering in five-, 30-year tranches

By Aleesia Forni

Virginia Beach, March 10 - DCP Midstream Operating LP is expected to sell senior notes in two tranches due 2019 and 2044, according to a 424B5 filed with the Securities and Exchange Commission.

The notes will be guaranteed by DCP Midstream Partners LP.

RBS Securities Inc., SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., J.P. Morgan Securities LLC, RBC Capital Markets Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used to fund the purchase of a 33.33% membership interest in each of two separate NGL pipeline entities, the remaining 20% interest in DCP SC Texas GP and a 100% interest in two cryogenic natural gas processing plants located in Weld County, Colo., from DCP Midstream LLC through its affiliates.

The unit of DCP Midstream LLC is a Denver-based joint venture between Spectra Energy and ConocoPhillips.

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