DCP Midstream to price $500 million seven-year bullet on Tuesday; initial talk 5½%

By Paul A. Harris

Portland, Ore., July 10 – DCP Midstream, LP plans to price a $500 million offering of non-callable seven-year senior notes (expected Ba2/ confirmed BB) in a Tuesday drive-by, according to market sources.

Initial talk has the deal coming with a 5½% yield.

J.P. Morgan Securities LLC is managing the notes sale.

The issuing entity will be DCP Midstream Operating, LP, a wholly owned subsidiary of DCP Midstream, LP.

Proceeds will be used to redeem all of the operating partnership's outstanding 9¾% senior notes due March 15, 2019 and for general partnership purposes, including capital expenditures.

DCP Midstream is a Denver-based natural gas pipeline company.

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