Deal Description: On April 15, 2019, Crestwood Midstream Partners LP (“CMLP”), a wholly-owned subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), issued $600 million in aggregate principal amount of 5.625% Senior Notes due 2027 (the “Notes”) in a Rule 144A offering that is exempt from the registration requirements of the Securities Act, which was upsized from the originally proposed $500 million offering. The Notes are guaranteed on a senior unsecured basis by all of CMLP’s subsidiaries that guarantee its existing notes and the indebtedness under its revolving credit facility.
CMLP expects to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its revolving credit facility, which includes approximately $250 million of borrowings that were used to fund a portion of the previously announced acquisition of a 50% interest in Jackalope Gas Gathering Services, L.L.C.
Baker Botts L.L.P. represented the initial purchasers in the offering.
Clients: The initial purchasers. Wells Fargo Securities, LLC; Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Barclays Capital Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co. LLC; RBC Capital Markets, LLC; and SunTrust Robinson Humphrey, Inc. acted as joint book-running managers.
Outside Counsel to CMLP: Vinson & Elkins LLP
Value: $600 million
Baker Botts Lawyers/Office Involved:
- Corporate: Mollie Duckworth (Partner, Austin); Josh Davidson (Partner, Houston); Jennifer Wu (Senior Associate, Austin); Sunil Jamal (Associate, Houston); Ieuan List (Associate, Houston); Jack Chadderdon (Associate, Houston)
For more information, please see CMLP’s news release by clicking here.
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