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Crestwood Midstream Partners LP Acquires Remaining Interest In Marcellus Shale Joint Venture For $258 Million From Crestwood Holdings Partners LLC


Tuesday, 8 Jan 2013 11:57am EST 

Crestwood Midstream Partners LP announced that it has purchased the remaining 65% interest in Crestwood Marcellus Midstream LLC (CMM) from Crestwood Holdings Partners LLC (Crestwood Holdings) for $258 million. Prior to the transaction, Crestwood Holdings, which is controlled by First Reserve Corporation, owned 100% of Crestwood's general partner (Crestwood GP) and approximately 42% of Crestwood's outstanding limited partner units. After the transaction, Crestwood Holdings owns approximately 47% of Crestwood's outstanding limited partner units taking into account the new Class D Units. The Class D Units, substantially similar to Crestwood's existing Class C Units, allow for the payment of quarterly distributions in cash or through the issuance of additional Class D Units at the discretion of Crestwood. The Class D Units will begin receiving distributions with the first quarter 2013 distribution, payable in the second quarter 2013, and will maintain the pay-in-kind feature until they convert to common units on a one-for-one basis on March 1, 2014. Crestwood Holdings plans to use the cash portion of the purchase price to reduce debt, which will provide Crestwood Holdings incremental flexibility to continue its support of future Crestwood growth through incremental capital investment. The $258 million purchase price reflects an enterprise value of $525 million for 100% of CMM, including net CMM debt of approximately $130 million. 

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