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DCP Midstream restates $1.4 billion revolver, now maturing in 2022
By Wendy Van Sickle
Columbus, Ohio, Dec. 8 – DCP Midstream, LP entered into a second amended and restated credit agreement with Mizuho Bank, Ltd. as administrative agent on Wednesday to extend the maturity date to Dec. 6, 2022 from May 1, 2019 and increase total revolving borrowing capacity slightly to $1.4 billion, according to an 8-K filing with the Securities and Exchange Commission.
The revolver has a $500 million accordion feature.
Borrowings bear interest at Libor plus a margin ranging from 107.5 basis points to 187.5 bps, and the facility fee ranges from 17.5 bps to 37.5 bps, depending on ratings.
Mizuho Bank, Ltd., JPMorgan Chase Bank, NA, Barclays Bank plc, Citigroup Global Markets, Inc., MUFG, Ltd., RBC Capital Markets, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, Bank of America Merrill Lynch and Wells Fargo Securities, LLC acted as joint lead arrangers and joint book managers
Barclays, Citibank, NA, MUFG, Royal Bank of Canada, SunTrust Bank, Toronto-Dominion Bank, New York Branch, Bank of America, NA and Wells Fargo Bank, NA acted as documentation agents, and JPMorgan as syndication agent.
The partnership must comply with a maximum consolidated leverage ratio as of the end of any fiscal quarter of 5.75 to 1.0 for the quarter ending Dec. 31; 5.50 to 1.0 for the quarter ending March 31, 2018; 5.25 to 1.0 for the quarter ending June 30, 2018; and 5.00 to 1.0 for the quarters after that, provided that if there is a qualified acquisition during any fiscal quarter ending June 30, 2018 or after, the maximum consolidated leverage ratio is not to exceed 5.50 to 1.0 at the end of that quarter and at the end of the two fiscal quarters immediately after that.
Proceeds are to be used to refinance the existing credit facility and for general corporate purposes.
DCP Midstream is a Denver-based joint venture between Spectra Energy and ConocoPhillips.
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