Key Developments: Crestwood Midstream Partners LP (CMLP.N)
25.37USD
17 May 2013
$0.23 (+0.91%)
$25.14
$25.10
$25.37
$25.01
114,825
61,515
$29.10
$19.92
Latest Key Developments (Source: Significant Developments)
Law Firm Brower Piven Announces Investigation of Crestwood Midstream Partners LP Proposed Buyout
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Crestwood Midstream Partners LP and other violations of state law by the board of directors of Crestwood relating to the proposed acquisition of the Company by Inergy, L.P. (Inergy) and Inergy Midstream, L.P. (Inergy Midstream). The firm`s investigation seeks to determine, among other things, whether the board of directors of Crestwood breached their fiduciary duties by failing to maximize shareholder value. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Crestwood Midstream Partners LP
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of Crestwood Midstream Partners LP concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Inergy Midstream LP (Inergy) in a transaction valued at approximately $1.25 billion. Investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Crestwood. Full Article
Crestwood Midstream Partners LP Reaffirms FY 2013 EBITDA Guidance
Crestwood Midstream Partners LP announced that for fiscal 2013, it expects adjusted EBITDA to be in the range of $170 million to $185 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $179 million for fiscal 2013. Full Article
Crestwood Midstream Partners LP Announces First Quarter 2013 Distribution
Crestwood Midstream Partners LP announced that it is maintaining its quarterly distribution of $0.51 per unit, or $2.04 per unit on an annualized basis, for the quarter ended March 31, 2013. This distribution will be payable on May 10, 2013, to unitholders of record on April 30, 2013. Full Article
Crestwood Midstream Partners LP Prices Public Offering Of Common Units
Crestwood Midstream Partners LP announced that it has priced its public offering of 4,500,000 common units representing limited partner interests at $23.90 per unit. Crestwood has granted the underwriters a 30-day option to purchase up to 675,000 additional common units. Crestwood intends to use the net proceeds from the offering, including the proceeds from any exercise of the underwriters' option to purchase additional common units, to reduce the indebtedness outstanding under its revolving credit facility and the Crestwood Marcellus Midstream LLC revolving credit facility, and for general partnership purposes. The amount repaid under Crestwood's revolving credit facility may be reborrowed by Crestwood and used to fund both future acquisitions and growth capital expenditures. Citigroup, Barclays, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc. is acting as the co-manager for the offering. Full Article
Crestwood Midstream Partners LP Announces Public Offering Of Common Units
Crestwood Midstream Partners LP announced that it has commenced a public offering of 4,500,000 common units representing limited partner interests. The units will be offered by Crestwood pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the SEC). Crestwood also intends to grant the underwriters a 30-day option to purchase up to 675,000 additional common units. Crestwood intends to use the net proceeds from the offering, including the proceeds from any exercise of the underwriters' option to purchase additional common units, to reduce the indebtedness outstanding under its revolving credit facility and the Crestwood Marcellus Midstream LLC revolving credit facility, and for general partnership purposes. The amount repaid under Crestwood's revolving credit facility may be reborrowed by Crestwood and used to fund both future acquisitions and growth capital expenditures. Citigroup, Barclays, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering. Full Article
Crestwood Midstream Partners LP Issues FY 2013 EBITDA Guidance Below Analysts' Estimates
Crestwood Midstream Partners LP announced that for fiscal 2013, it expects adjusted EBITDA to be in the range of $170 million to $185 million, which represents a 50% increase over 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $187 million for fiscal 2013. Full Article
Crestwood Midstream Partners LP Appoints Interim Chief Financial Officer-Form 8-K
Crestwood Midstream Partners LP reported in its Form 8-K that effective January 18, 2013, William G. Manias, Senior Vice President and Chief Financial Officer (CFO) of Crestwood Gas Services GP LLC (Company), the general partner of Crestwood Midstream Partners LP (Partnership), has left the Company to pursue other opportunities. Also effective January 18, 2013, Steven M. Dougherty was appointed Senior Vice President and will assume the role of Interim Chief Financial Officer (CFO), pending the search for a new Chief Financial Officer. Mr. Dougherty will remain in his position as the Company’s Chief Accounting Officer. Full Article
Crestwood Midstream Partners LP Announces Fourth Quarter 2012 Distribution
Crestwood Midstream Partners LP announced that it is maintaining its quarterly distribution of $0.51 per unit, or $2.04 per unit on an annualized basis, for the quarter ended December 31, 2012. This distribution will be payable on February 12, 2013, to unitholders of record on January 31, 2013. Distributions for the full year 2012 totaled $2.02 per unit, an 8% increase over the full year 2011. Full Article
Crestwood Midstream Partners LP Acquires Remaining Interest In Marcellus Shale Joint Venture For $258 Million From Crestwood Holdings Partners LLC
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. Full Article
Crestwood, Inergy combine to tap energy infrastructure demand
- Crestwood Midstream Partners LP and Inergy Midstream LP agreed to merge in a cash and stock deal to tap demand for pipeline and storage services in North America's fast-developing shale fields.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
