DCP Midstream Partners, LP (DPM) said Monday that its wholly owned subsidiary, DCP Midstream Operating, LP, has priced an offering of $500 million aggregate principal amount of its 3.875% senior notes due 2023 at a price to the public of 98.718% of their face value.
The offering is scheduled to close on March 14.
The Operating Partnership plans to use the net proceeds from the offering to fund a portion of the cash purchase price of the previously announced Eagle Ford deal and related expenses, and for general partnership purposes.
If the Eagle Ford deal is not consummated, the Operating Partnership plans to use such net proceeds from the offering to repay indebtedness outstanding under its revolving credit facility, for organic growth projects, and for general partnership purposes.
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