Crestwood Midstream Tender Offer for All of Its 6.25% Senior Notes


HOUSTON--(BUSINESS WIRE)--Crestwood Midstream Partners LP, a wholly-owned subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), announced today that it has commenced a cash tender offer to purchase any and all of its outstanding 6.25% Senior Notes due 2023. As of December 31, 2020, there was $687,190,000 aggregate principal amount of the 2023 Notes outstanding. The Tender Offer is being made pursuant to an offer to purchase, dated today, and a related notice of guaranteed delivery. The Tender Offer will expire at 5:00 p.m., New York City time, on January 13, 2021, unless extended. Tendered 2023 Notes may be withdrawn at any time before the Expiration Time.

Holders of 2023 Notes that are validly tendered (and not validly withdrawn) at or prior to the Expiration Time, or who deliver to the tender and information agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such 2023 Notes, each in accordance with the instructions described in the offer to purchase, will receive $1,008.40 per $1,000 principal amount of the 2023 Notes accepted for purchase. In addition, all holders of 2023 Notes accepted for purchase will receive accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date.

The Tender Offer is contingent upon, among other things, CMLP’s successful completion of a proposed debt financing transaction, the gross proceeds of which will be at least $700 million (the “Financing Condition”). The Tender Offer is not conditioned on any minimum amount of 2023 Notes being tendered. CMLP may amend, extend or terminate the Tender Offer, in its sole discretion.

About Crestwood Midstream Partners LP

Houston, Texas, based CMLP is a limited partnership and wholly-owned subsidiary of CEQP that owns and operates midstream businesses in multiple shale resource plays across the United States. CMLP is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water.

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