DCP Midstream, LP: M&A transaction — Phillips 66 completes $3.8B acquisition of DCP Midstream at $41.75/unit

DCP Midstream, LP

Public common units converted into $41.75/unit cash; total value ~$3.8B.
Phillips 66’s economic interest in DCP Midstream increases to 86.8%.
Common units and Series B preferred units delisted from NYSE as of June 15, 2023.
Series B preferred units redeemed at $25.00/unit; holders receive redemption price.
DCP Midstream entered into a $1.0B unsecured revolver with Phillips 66 as lender.

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Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

DCP Midstream, LP underwent a change of control involving Phillips 66 Project Development Inc. and Dynamo Merger Sub LLC for $41.75 per Public Common Unit in cash (closed 2023-06-15).

Action: change of control
Counterparty: Phillips 66 Project Development Inc. and Dynamo Merger Sub LLC
Consideration: $41.75 per Public Common Unit in cash
Closing: 2023-06-15

Exact text from the filing

as of immediately prior to the Effective Time (other than the Sponsor Owned Units, as defined below) (each, a “Public Common Unit”) was converted into the right to receive $41.75 per Public Common Unit in cash, without any interest thereon (the “Merger Consideration”). The Common Units owned by DCP Midstream, LLC and the General Partner (collectively, the

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DCP Midstream, LP entered into Credit Agreement with Phillips 66 Company valued at $1.0 billion (effective 2023-06-15).

Action: entry
Agreement: credit facility
Counterparty: Phillips 66 Company
Value: $1.0 billion
Effective: 2023-06-15

Exact text from the filing

On June 15, 2023, DCP Midstream, LP (the “Partnership”) and its wholly owned subsidiary, DCP Midstream Operating, LP (“DCP Operating”), entered into a Credit Agreement with Phillips 66 Company, as lender (the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001193125-23-167475

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