Crestwood Midstream Completes Private Placement Of 5.75% Unsecured Senior Notes, Due 2025 For US$500 Million

Published: Mar 07 2017
Deal Summary

Crestwood Midstream Partners LP, a midstream company and a wholly-owned subsidiary of Crestwood Equity Partners LP, completed the private placement of 5.75% unsecured senior notes, due April 1, 2025, for gross proceeds of US$500 million (MM).

The company intends to use the proceeds from the placement to fund two cash tender offers to purchase any and all of its outstanding 6% senior notes due 2020 and 6.125% senior notes due 2022; and for general partnership purposes, which include redeeming or otherwise repurchasing tender notes, reducing borrowings under its revolving credit facility, repaying other indebtedness and funding working capital, capital expenditures and acquisitions.

Deal history

Completed: On March 14, 2017, Crestwood Midstream completed the private placement of 5.75% senior unsecured notes, due April 1, 2025, for US$500 MM.

Pricing/Announced: On March 7, 2017, Crestwood Midstream priced the private placement of 5.75% senior unsecured notes, due 2025, for US$500 MM.

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