DT Midstream, Inc. (NYSE: DTM) today announced the pricing of its previously announced underwritten registered public offering. The size of the offering increased from the previously announced $300,000,000 of shares of common stock to $366,125,000 of shares of the company’s common stock at a price to the public of $101 per share, for gross proceeds of approximately $366,125,000, before the underwriting discount and estimated offering expenses. Additionally, the Company has granted the underwriters a 30-day option to purchase up to an additional 543,750 shares of its common stock at the public offering price less the underwriting discounts and commissions. The offering is expected to close on or about November 21, 2024, subject to market and other customary closing conditions.
The Company intends to use the net proceeds from this offering, together with proceeds from the expected issuance of up to $650 million aggregate principal amount of new senior secured notes, borrowings under our revolving credit facility and cash on hand, to fund the consideration payable by us in the previously announced, pending acquisition of all of the 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. Barclays Capital Inc. is acting as lead book-running manager. J.P. Morgan, PNC Capital Markets LLC, Wells Fargo Securities, TD Securities, Citigroup and BofA Securities are acting as joint book-running managers. The closing of the offering is not conditioned upon the closing of the pending acquisition.
The shares described above are being offered by the Company pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-283345), including a base prospectus, that was previously filed by the Company with the Securities and Exchange Commission (“SEC”) and that became automatically effective on November 19, 2024. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, which are available for free on the SEC’s website located at http://www.sec.gov. A final prospectus relating to the offering will be filed with the SEC and may be obtained, when available, by contacting: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, emailing Barclaysprospectus@broadridge.com or calling (888) 603-5847.
