Crestwood Midstream Announces Pricing of Upsized Private Offering of $600 Million of 5.625% Senior Notes Due 2027
April 11 2019 - 5:20PM
Business Wire
Crestwood Midstream Partners LP (“CMLP”), a wholly-owned
subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), announced
today that it has priced $600 million in aggregate principal amount
of 5.625% unsecured Senior Notes due 2027 (the “Notes”) in a
private offering that is exempt from the registration requirements
of the Securities Act of 1933, as amended (the “Securities Act”),
which was upsized from the originally proposed $500 million
offering. The Notes will be guaranteed on a senior unsecured basis
by all of CMLP’s subsidiaries that guarantee its existing notes and
the indebtedness under its revolving credit facility. CMLP expects
to close the offering on April 15, 2019, subject to customary
closing conditions, and the Notes will be issued at par.
CMLP expects to use the net proceeds from this offering to repay
a portion of the outstanding borrowings under its revolving credit
facility, which includes approximately $250 million of borrowings
that were used to fund a portion of the previously announced
acquisition of a 50% interest in Jackalope Gas Gathering Services,
L.L.C.
The Notes and the related guarantees will be offered only to
qualified institutional buyers in reliance on the exemption from
registration set forth in Rule 144A under the Securities Act, and
outside the United States to non-U.S. persons in reliance on the
exemption from registration set forth in Regulation S under the
Securities Act. The Notes and the related guarantees have not been
registered under the Securities Act, or the securities laws of any
state or other jurisdiction, and may not be offered or sold in the
United States without registration or an applicable exemption from
the Securities Act and applicable state securities or blue sky
laws.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be
any sales of the Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This notice is being issued pursuant to and in accordance with Rule
135(c) under the Securities Act.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal securities law. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties,
and other factors that are difficult to predict and many of which
are beyond management’s control. These risks and assumptions are
described in CMLP’s most recent annual report on Form 10-K and
other reports that are available from the United States Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management’s
view only as of the date made. We undertake no obligation to update
any forward-looking statement, except as otherwise required by
law.
About Crestwood Midstream Partners LP
Houston, Texas, based CMLP is a limited partnership and
wholly-owned subsidiary of CEQP that owns and operates midstream
businesses in multiple shale resource plays across the United
States. CMLP is engaged in the gathering, processing, treating,
compression, storage and transportation of natural gas; storage,
transportation, terminalling, and marketing of NGLs; gathering,
storage, terminalling and marketing of crude oil; and gathering and
disposal of produced water.
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Crestwood Midstream Partners LPInvestor
Contact
Josh Wannarka, 713-380-3081josh.wannarka@crestwoodlp.comVice President,
Investor Relations
Crestwood Equity Partners (NYSE:CEQP)
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