DT Midstream begins marketing $2.1 billion senior notes in two parts

By Paul A. Harris

Portland, Ore., May 19 – DT Midstream scheduled an investor conference call at 11:45 a.m. ET on Thursday to roll out its $2.1 billion two-part offering of senior notes (Ba2/BB+/BB+), according to a market source.

The deal features eight-year notes, which become callable after three years at par plus 50% of the coupon, and 10-year notes, which become callable after five years at par plus 50% of the coupon.

The company is set to market the offering on a roadshow through Tuesday, with the offering to price thereafter.

Barclays is the left lead bookrunner. BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are also lead bookrunners.

Fifth Third Securities Inc., Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities Inc. and U.S. Bancorp Investments Inc. are joint bookrunners.

Proceeds plus a new $1 billion term loan will be used to fund a payment to DTE Energy.

The prospective issuer is a Detroit-based midstream company created by DTE Energy’s spinoff of its midstream business in a transaction that is expected to be completed in July.

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