DCP Midstream Partners Expands and Extends Credit Facility
DENVER, June 21, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- DCP Midstream Partners, LP (NYSE: DPM), or the Partnership, announced today that it has amended its credit facility to increase the total available borrowing capacity up to $850 million and extend the term. The capacity under its principal revolving credit facility was increased from $350 million to $600 million and the Partnership secured $250 million of term loan capacity to facilitate borrowing at preferential rates under a fully collateralized facility. The amended facility matures on June 21, 2012.
"The amended facility will significantly enhance the Partnership's ability to fund its recently closed or announced acquisitions as well as provide for future flexibility in financing the growth of the Partnership," said Tom Long, vice president and chief financial officer.
DCP Midstream Partners, LP (NYSE: DPM) is a midstream master limited partnership that gathers, processes, transports and markets natural gas and natural gas liquids and is a leading wholesale distributor of propane. DCP Midstream Partners, LP is managed by its general partner, DCP Midstream GP, LLC, which is wholly owned by DCP Midstream, LLC, a joint venture between Spectra Energy and ConocoPhillips. For more information, visit the DCP Midstream Partners, LP Web site at http://www.dcppartners.com.
This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding DCP Midstream Partners, LP, including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond our control. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Partnership's actual results may vary materially from what management anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on the Partnership's results of operations and financial condition are:
- the level and success of natural gas drilling around our assets and our ability to connect supplies to our gathering and processing systems in light of competition;
- our ability to grow through acquisitions, asset contributions from our parents, or organic growth projects, and the successful integration and future performance of such assets;
- our ability to access the debt and equity markets;
- fluctuations in oil, natural gas, propane and other NGL prices;
- our ability to purchase propane from our principal suppliers for our wholesale propane logistics business; and
- the credit worthiness of counterparties to our transactions.
Investors are encouraged to closely consider the disclosures and risk factors contained in the Partnership's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Information contained in this press release is unaudited, and is subject to change.
SOURCE DCP Midstream Partners, LP
media and investor relations, Karen Taylor of DCP Midstream Partners, LP,
+1-303-633-2913, or +1-303-809-9160