By Wendy Van Sickle
Columbus, Ohio, March 30 – DT Midstream, Inc. priced $600 million of 4.3% senior secured notes due 2032 (Baa2/BBB-/BBB-), according to a news release on Wednesday.
The notes will be guaranteed by certain of DT Midstream’s subsidiaries and secured by a first priority lien on certain assets of DT Midstream and its subsidiary guarantors that secure DT Midstream’s existing credit facilities.
Proceeds of the Rule144A and Regulation S notes will be used to partially repay existing debt under the company’s term loan facility.
The 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.
| Issuer: | DT Midstream Inc.
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| Amount: | $600 million
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| Issue: | Senior secured notes
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| Maturity: | 2032
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| Coupon: | 4.3%
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| Announcement date: | March 30
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| Settlement date: | April 11
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| Ratings: | Moody’s: Baa2
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | Rule144A and Regulation S
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