DCP Midstream to repay revolver debt using preferred unit proceeds

By Tali Rackner

Minneapolis, May 8 – DCP Midstream, LP plans to repay debt under its revolving credit facility using the proceeds from a new preferred unit issue, according to a 424B3 filing with the Securities and Exchange Commission.

As of May 4, there was about $315 million outstanding under the revolver, which matures on Dec. 6, 2022.

Proceeds from the series B fixed- to floating-rate cumulative redeemable perpetual preferred units will also be used for general partnership purposes, including funding capital expenditures.

DCP Midstream is a Denver-based joint venture between Spectra Energy and ConocoPhillips.

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