DCP Midstream Partners Announces Public Offering of Common Units
18 November 2009 - 10:13PM
PR Newswire (US)
DENVER, Nov. 18 /PRNewswire-FirstCall/ -- DCP Midstream Partners,
LP (NYSE:DPM) (the "Partnership") today announced that it has
commenced, subject to market conditions, an underwritten public
offering of 2,500,000 of its common units representing limited
partner interests. The Partnership also intends to grant the
underwriters a 30-day option to purchase up to 375,000 additional
common units to cover over-allotments, if any. The Partnership
intends to use the net proceeds from this offering, including the
proceeds from any exercise of the over-allotment option, to either
(i) fund the purchase price of its announced acquisition of gas
gathering and treating assets in Michigan, to reduce outstanding
indebtedness under its revolving credit facility, and for general
partnership purposes, or (ii) in the event the acquisition of gas
gathering and treating assets in Michigan is not consummated, to
reduce outstanding indebtedness under its revolving credit facility
and for general partnership purposes. Barclays Capital Inc. and
Wells Fargo Securities, LLC will act as joint book-running managers
for the offering. When available, a copy of the preliminary
prospectus supplement and accompanying base prospectus relating to
the offering may be obtained from the underwriters as follows:
Barclays Capital Inc. Wells Fargo Securities, LLC c/o Broadridge
Attn: Equity Syndicate Dept. Integrated Distribution Services 375
Park Avenue 1155 Long Island Avenue New York, New York 10152
Edgewood, NY 11717 Email: Phone: (800) 326-5897 Toll Free Number: 1
(888) 603-5847 The common units are being offered and will be sold
pursuant to an effective shelf registration statement that was
previously filed with the Securities and Exchange Commission. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. This offering
may be made only by means of a prospectus and related prospectus
supplement. DCP Midstream Partners, LP (NYSE:DPM) is a midstream
master limited partnership that gathers, processes, transports and
markets natural gas, transports and markets natural gas liquids,
and is a leading wholesale distributor of propane. DCP Midstream
Partners, LP is managed by its general partner, DCP Midstream GP,
LLC, which is wholly owned by DCP Midstream, LLC, a joint venture
between Spectra Energy and ConocoPhillips. This press release
contains forward-looking statements as defined under the federal
securities laws, including statements regarding the intended use of
offering proceeds and other aspects of the common unit offering.
Although management believes that expectations reflected in such
forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to be correct. In addition,
these statements are subject to certain risks, uncertainties and
other assumptions that are difficult to predict and may be beyond
our control, including market conditions, customary offering
closing conditions and other factors described in the prospectus
for the offering. If one or more of these risks or uncertainties
materialize, or if underlying assumptions prove incorrect, the
Partnership's actual results may vary materially from what
management anticipated, estimated, projected or expected. Investors
are encouraged to closely consider the disclosures and risk factors
contained in the Partnership's annual and quarterly reports filed
from time to time with the Securities and Exchange Commission. The
Partnership undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. Information contained in
this press release is unaudited, and is subject to change.
DATASOURCE: DCP Midstream Partners, LP CONTACT: Media and Investor
Relations, Karen L. Quast of DCP Midstream Partners, LP,
+1-303-633-2913, or 24-hour, +1-303-809-9160 Web Site:
http://www.dcppartners.com/
Copyright