DT Midstream Closes $650 Million Offering in Move Toward ONEOK Acquisition Completion
DT Midstream has closed the previously announced offering of $650 million of 5.800% Senior Secured Notes due 2034. The notes were issued by DT Midstream, guaranteed by certain of DT Midstream’s subsidiaries and secured by a first priority lien on certain assets of DT Midstream and its subsidiary guarantors that secure DT Midstream’s existing credit facilities and existing senior secured notes.
The sale is part of DT Midstream’s strategy to fund its pending acquisition of all equity interests in Guardian Pipeline, L.L.C., Midwestern Gas Transmission Company and Viking Gas Transmission Company from ONEOK Partners Intermediate Limited Partnership and Border Midwestern Company. DT Midstream intends to use the net proceeds from the sale of the notes, together with the proceeds from its recently completed offering of common stock, borrowings under its revolving credit facility and cash on hand, to fund the pending acquisition.
The Notes were sold in a private placement to persons reasonably believed to be “qualified institutional buyers” pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States under Regulation S under the Securities Act.
About DT Midstream
DT Midstream is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada.
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