Master Limited Partnership DCP Midstream (NYSE:DCP) has announced they will be selling an new issue of fixed-to-floating rate preferred units.
No pricing details are known at this time. We do know that holders of the units will received a K-1 at tax time.
The company has 1 other f-t-f issue outstanding and units are trading at $25.11 right now with a coupon of 7.875% which implies a new issue will have a coupon in the 8% area.
This chart shows the current issue which is outstanding.