By Andrea Heisinger
New York, Sept. 15 - DCP Midstream LLC sold an upsized $500 million of 4.75% 10-year notes on Wednesday to yield Treasuries plus 275 basis points, a market source said.
The deal size was increased from $400 million.
The notes (Baa2/BBB/) were priced at 99.951 to yield 4.756%. There is a make-whole call at Treasuries plus 45 bps.
The securities were sold under Rule 144A and Regulation S.
J.P. Morgan Securities LLC, RBS Securities Inc. and SunTrust Robinson Humphrey Inc. were the bookrunners.
The joint venture between Spectra Energy and ConocoPhillips is based in Denver.
| Issuer: | DCP Midstream LLC
|
| Issue: | Notes
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | Sept. 30, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4.75%
|
| Price: | 99.951
|
| Yield: | 4.756%
|
| Spread: | Treasuries plus 275 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Distribution: | Rule 144A and Regulation S
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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