November 20, 2009 (FinancialWire) — DCP Midstream Partners, LP (NYSE: DPM) has priced an underwritten public offering of 2.5 million common units representing limited partner interests at $25.40 per common unit. The offering is scheduled to close on November 24, 2009. Barclays Capital (NYSE: BCS) and Wells Fargo Securities (NYSE: WFC) are joint book-running managers.

The partnership also granted the underwriters a 30-day option to purchase up to 375,000 additional common units to cover any over-allotments, if any.

The partnership plans to use the net proceeds from this offering, including proceeds from any exercise of the over-allotment option to either (i) fund the purchase price of its announced acquisition of gas gathering and treating assets in Michigan, to reduce outstanding indebtedness under its revolving credit facility, and for general partnership purposes, or  in the event the acquisition of gas gathering and treating assets in Michigan is not consummated, to reduce outstanding indebtedness under its revolving credit facility and for general partnership purposes.

DCP Midstream Partners is a midstream master limited partnership that gathers, processes, transports and markets natural gas, transports and markets natural gas liquids, and is a leading wholesale distributor of propane.

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