PreferredStockChannel
DCP Midstream LP | 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (DCP.PRC)

Prospectus excerpt:  We are offering 4,000,000 of our 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, with a liquidation preference of $25.00 per unit (the “Series C Preferred Units”). Distributions on the Series C Preferred Units are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of January, April, July and October when, as and if declared by DCP Midstream GP, LLC, the general partner of our general partner, DCP Midstream GP, LP. The pro-rated initial distribution on the Series C Preferred Units offered hereby will be payable on January 15, 2019 in an amount equal to approximately $0.5576 per Series C Preferred Unit. Distributions on the Series C Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but not including, October 15, 2023 at a rate equal to 7.95% per annum of the $25.00 liquidation preference. On and after October 15, 2023, distributions on the Series C Preferred Units will accumulate at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month LIBOR plus a spread of 4.882%.

Full Prospectus PDF », DCP Page »

Series:C
Alternate symbology:DCP-C, DCP-PC, DCPprC
Redeemable?:Yes
Call Date:10/15/2023
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:4,000,000
Liquidation Preference:$25
Recent Market Price:$24.54
Discount to Liquidation Preference:
(More Preferreds Trading at a Discount »)
$-0.46 (-1.84%)
Annualized Dividend:1.9876
Recent Ex-Date:12/31/2021
Current Yield:8.10%
Original Coupon:7.95%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn DCP.PRC's Rating
DCP Midstream is a holding company. Through its subsidiaries, Co. owns, operates, acquires and develops a portfolio of midstream energy assets. Co.'s segments are: Logistics and Marketing, which includes purchasing natural gas liquids (NGLs) on behalf of third-party NGL producers for shipment on Co.'s NGL pipelines and resale in primary markets; and Gathering and Processing, which includes gathering, compressing, treating, and processing natural gas, producing and fractionating NGLs, and recovering condensate. Co.'s Gathering and Processing segment's operations are organized into four regions: North, Permian, Midcontinent and South.

Preferreds: DCP.PRB, DCP.PRC


Open the DCP Information Page »
Name: 
DCP Midstream LP
Website: 
www.dcpmidstream.com
Sector: 
Oil & Gas Equipment & Services
Number of ETFs Holding DCP: 
5 (see which ones)
Total Market Value Held by ETFs: 
$15,264,454
Total Market Capitalization: 
$5,732,000,000
% of Market Cap. Held by ETFs: 
0.27%

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