Crestwood Midstream Partners LP Announces Public Offering of Common Units

Thursday, 17 Oct 2013 04:13pm EDT 

Crestwood Midstream Partners LP announced that it has commenced an underwritten public offering of 14,000,000 common units representing limited partner interests in Crestwood. Crestwood expects to grant the underwriters a 30-day option to purchase a maximum of 2,100,000 additional common units. The net proceeds from the offering will be used to fund a portion of the consideration for Crestwood's pending acquisition of Arrow Midstream Holdings, LLC (the Arrow Acquisition) and related transaction costs and expenses. Crestwood's issuance of common units in the equity offering, including any common units issued in connection with the underwriter's option, together with the issuance of 8,826,125 common units to the sellers, represents the aggregate amount of equity Crestwood expects to issue in connection with the Arrow Acquisition. In the event the acquisition does not close, Crestwood intends to use the net proceeds from the offering to repay borrowings under its revolving credit facility and for general partnership purposes. Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. will serve as the underwriters. 

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17 Dec 2014