DT Midstream Announces Pricing of Upsized Public Offering of Common Stock

Core Viewpoint - DT Midstream, Inc. has announced an increase in its public offering of common stock to approximately $366.125 million, priced at $101 per share, to fund the acquisition of several pipeline companies [1][2]. Group 1: Offering Details - The size of the offering was increased from $300 million to $366.125 million, with gross proceeds expected to be around $366.125 million before underwriting discounts and expenses [1]. - The company has granted underwriters a 30-day option to purchase an additional 543,750 shares at the public offering price [1]. - The offering is anticipated to close on or about November 21, 2024, subject to market conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering, along with up to $650 million from new senior secured notes and other financing, will be used to fund the acquisition of Guardian Pipeline, L.L.C., Midwestern Gas Transmission Company, and Viking Gas Transmission Company [2]. - The closing of the offering is not contingent upon the completion of the pending acquisition [2]. Group 3: Company Overview - DT Midstream is involved in the ownership, operation, and development of natural gas pipelines and related facilities, serving utilities, power plants, and industrial customers across the U.S. and Canada [5]. - The company aims to achieve net zero greenhouse gas emissions by 2050, with a target of reducing carbon emissions by 30% by 2030 [5].