Quick Search
Top Banner

Session.supporter not defined

Register
quantumonline home Income Tables Income Lists Stock Lists Special Lists Investment Services Investment Information quantumonline home


DCP Midstream LP, 7.95% Series C Fixed/Float Cumul Red Perp Preferred Units
Ticker Symbol: DCP-C     CUSIP: 23311P308     Exchange: NYSE
Security Type:   Traditional Preferred Stock

Security has been Called for:  Monday, October 16, 2023

September 14, 2023 -- DCP Midstream, LP (the “Partnership”) issued a notice of full redemption to the holders of the Partnership’s 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (NYSE: DCP PRC) (CUSIP No. 23311P 308) (the “Series C Preferred Units”) notifying such holders that the Partnership intends to redeem all of its issued and outstanding Series C Preferred Units on October 16, 2023 (the “Redemption Date” and such redemption.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  DCP Midstream, LP, 7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25 per unit, redeemable at the issuer's option on or after 10/15/2023 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity.

Cumulative distributions of 7.95% per annum ($1.9875 per annum or $0.496875 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 10/15 to holders of record on the record date that will be the first Business Day of the month prior to the Payment Date (NOTE: the ex-dividend date is one business day prior to the record date). On and after 10/15/2023, distributions on the 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%.

Holders of the Preferred Units will receive specific tax information from the company, including a Schedule K-1 which generally would be expected to provide a single income item equal to the preferred return (see page S-44 of the prospectus for details).

At any time prior to 10/15/2023, within 120 days following the occurrence of a Ratings Event the issuer may redeem the Units at a redemption price in cash per Series C Preferred Unit equal to $25.50 (102% of the liquidation preference of $25.00), plus an amount equal to all accumulated and unpaid distributions (see prospectus for further information). Upon the occurrence of a Change of Control Triggering Event the issuer may redeem the Units within 120 days after the first date on which such Change of Control Triggering Event occurred, by paying $25.00 per Series C Preferred Unit, plus all accumulated and unpaid distributions (see prospectus for further information).

This security was rated as B1 by Moody’s and B by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock
Exchange
Cpn Rate
Ann Amt
LiqPref
CallPrice
Call Date
Matur Date
Moodys/S&P
Dated
Distribution Dates 15%
Tax Rate
NYSE
Chart
FixFloat
$1.99
$25.00
$25.00
Called for
10/16/2023

None
Ba2 BBB-
4/23/2023
1/15, 4/15, 7/15 10/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date
No

Go to Parent Company's Record (PSX)

IPO - 10/2/2018 - 4.00 Million Units @ $25.00 /unit.    Link to IPO Prospectus
Previous Ticker Symbol: DCPUU    Changed: 10/09/2018
Market Value $ Million

Company's Online Information Links
HOME PAGE:     https://www.dcpmidstream.com/
Company's Investor Relations Information Go to Investor Relations Information
Company's Online News Releases Go to News Releases
Online Company Profile Go to Online Profile

Company's Online SEC EDGAR Filings
Company's SEC EDGAR Filings Go to SEC Filings

Company's Email Address Links
Email Request Form on Website Go to Email Form

Address and Phone Numbers
Address:   6900 E. Layton Ave, Suite 900, Denver, CO 80202
Main Phone Number 303-595-3331
Fax Number Not Available
Investor Relations   Sarah Sandberg 303-605-1626
CEO - Don Baldridge CFO - Scott Delmoro


Find a problem? Please use our Feedback Page or Email us.
Have you filled out our Guestbook? If not, please do.


investment Links contact quantumonline guestbook
quantumonline supporters about quantumonline using quantumonline


QuantumOnline.com
Copyright © 1997 - 2024 QuantumOnline.com. All rights reserved.
Web page design latest update: 2/5/2024
Web page financial information is most recent information available and more recent than last web page design date.