DCP Midstream LP

DCP Midstream LP has priced an underwritten public offering of 6 million of its 7.875% Series B fixed-to-floating rate cumulative redeemable perpetual preferred units at a price of $25 per unit. DCP also granted the underwriters a 30-day option to purchase up to 900,000 additional Series B preferred units. Distributions on the Series B preferred units will be payable quarterly and are cumulative from and including the original issue date to June 15, 2023 at a fixed rate equal to 7.875% per annum of the stated liquidation preference of $25 per unit. On and after June 15, 2023, distributions on the Series B preferred units will accumulate for each distribution period at a percentage of the liquidation preference equal to the three-month LIBOR plus a spread of 4.919%.