Energy

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 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

Credit Card Companies Are Doing Something Nuts

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Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

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