DT Midstream, Inc. announced on November 20, 2024, the pricing of its underwritten registered public offering, which was upsized from the initially announced $300 million. The company will now offer $366.125 million of common stock at a price of $101 per share, generating gross proceeds of approximately $366.125 million.
Additionally, the underwriters have been granted a 30-day option to purchase up to an additional 543,750 shares of common stock. The offering is expected to close on or about November 21, 2024, subject to customary closing conditions.
The net proceeds from this upsized offering, along with the expected issuance of up to $650 million in new senior secured notes, borrowings under its revolving credit facility, and cash on hand, are designated to fund the consideration for the pending acquisition of three natural gas pipelines from ONEOK Partners Intermediate Limited Partnership and Border Midwestern Company.
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