Giant Midstream MLP DCP Midstream (NYSE:DCP) has priced their new fixed-to-floating rate preferred with a coupon of 7.875%. The coupon will be fixed until 6/15/2023. After this date the coupon will float at 3 month Libor plus 4.919%.
The issue will generate a K-1 instead of a 1099.
The ticker on the permanent exchange will be DCP-B. The shares will begin trading on the OTC Grey market under the ticker DCPMP.