DT Midstream dips after $366 mln stock offering to fund acquisition of pipelines

DT Midstream

20/11/2024 15:02

** Shares of pipeline operator DT Midstream  DTM.N  fall as
much as 2.4%; last down 1.5% at $101.47 in early trading
    ** DTM prices follow-on public offering at $101/shr for
gross proceeds of $366.1 mln
    ** Offering size boosted from previously announced $300 mln,
priced at 2% discount to stock's last close
    ** DTM plans to use the funds along with proceeds from
expected $650 mln bond sales, borrowings and cash on hand to pay
for the acquisition of three natgas pipelines from ONEOK  OKE.N 
for $1.2 bln
    ** Barclays Capital was the lead book-running manager for
the offering, while J.P. Morgan, PNC Capital Markets, Wells
Fargo Securities, TD Securities, Citigroup and BofA Securities
were joint book-running managers
    ** DTM has 97.2 mln outstanding shares for $10 bln market
capitalization - LSEG data
    ** As of last close, DTM shares up 88% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))