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Crestwood Midstream Partners LP Prices Public Offering of Common Units

Monday, 21 Oct 2013 05:15pm EDT 

Crestwood Midstream Partners LP announced the pricing of the underwritten public offering of 14,000,000 common units representing limited partner interests in Crestwood. The common units were sold to the underwriters at a price of $21.19 per common unit for net proceeds of approximately $296.4 million. The underwriters may offer the common units in transactions on the New York Stock Exchange, in the over-the-counter market, or through negotiated transactions at market prices or at negotiated prices. The offering is expected to close on October 23, 2013, subject to customary closing conditions. Crestwood has granted to 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. 

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19 Aug 2014