DCP Midstream Partners Raising Capital (DPM)
DCP Midstream Partners, LP (NYSE: DPM) has priced its public secondary offering of 2,500,000 common units at $34.96 per common unit for gross proceeds of close to $87 million. The partnership listed the use of proceeds as being to fund…
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The partnership listed the use of proceeds as being to fund its previously announced acquisition of a 33.33% interest in the DCP Southeast Texas business from DCP Midstream, LLC. It also noted that the offering from this morning is not contingent upon the consummation of the acquisition.
Joint book-runners are Citi, BofA Merrill Lynch, Barclays Capital and Wells Fargo. DCP has granted the underwriters a 30-day option to purchase up to 375,000 additional common units to cover over-allotments, if any.
DCP Midstream Partners is down about 3.9% at $34.83 shortly before the open and the 52-week trading range is $24.90 to $36.66. The $87 million compares to a market cap at yesterday’s close of roughly $1.25 billion.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
