DT Midstream’s USD421 million follow-on equity offering

On November 19, 2024, DT Midstream announced an agreement to acquire three FERC-regulated natural gas transmission pipelines from ONEOK, Inc. for USD1.2 billion. The net proceeds from this equity offering, along with other financing sources, will fund this acquisition.

DT Midstream is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada.

The A&O Shearman team was led by partners Bill Nelson and Emily Leitch (both Houston – capital markets), partner Ryan Robski (Toronto/New York – capital markets), counsel Judy Little (Houston – capital markets) and associates Ilya Mamin (New York – capital markets) and Daniel Kim (Houston – capital markets).

Other A&O Shearman lawyers involved in the transaction included partners Gus Atiyah and Michael Steinberg (both New York – finance) and Jason Pratt (New York – environmental), of counsel Paul Schreiber (New York – funds), and associates Magnus Wieslander (New York – finance), Daniel Kachmar (New York – tax), Taylor Pugliese (New York – financial services advisory and financial regulatory), Ashley Shan (New York – finance), Christopher Torikoglu (New York – tax) and Stephanie Li (Washington D.C. – funds).