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DT Midstream will use existing revolver for Millennium Pipeline buy
Chicago, Sept. 29 – DT Midstream Inc. stated that it would use cash on hand and draw on its revolver to fund the $552 million purchase price of an additional 26.25% ownership interest in Millennium Pipeline, according to a press release.
DT is buying National Grid’s full ownership interest. The acquisition will bring DT’s ownership to 52.5%.
The acquisition is expected to close in the fourth quarter.
Lazard is serving as financial adviser and Shearman & Sterling LLP is serving as legal counsel to DT Midstream.
DT Midstream is a large-scale platform connecting supply basins to the natural gas demand markets.
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