DT Midstream, Inc. has announced that it has closed the previously announced offering of US$650 000 000 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.
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 consideration payable by DT Midstream in the previously announced, pending acquisition of all of the equity interests in Guardian Pipeline, LLC., Midwestern Gas Transmission Company and Viking Gas Transmission Company from ONEOK Partners Intermediate Limited Partnership and Border Midwestern Company.
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, and to non-US persons outside the United States under Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.