Deal Description: On January 6, 2021, Crestwood Midstream Partners LP (“CMLP”), a wholly-owned subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), issued $700 million in aggregate principal amount of 6.00% Senior Notes due 2029 (the “Notes”) in a Rule 144A offering that is exempt from the registration requirements of the Securities Act (the “Notes 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 (the “Revolving Credit Facility”).
CMLP intends to use the net proceeds of the Notes Offering, together with borrowings under the Revolving Credit Facility, to fund a concurrent cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 6.25% Senior Notes due 2023, including fees and expenses in connection therewith. The Notes Offering is not conditioned on the consummation of the Tender Offer. The Tender Offer is conditioned on, among other things, the consummation of the Notes Offering. The Tender Offer is being made pursuant to an Offer to Purchase dated January 6, 2021.
Baker Botts L.L.P. represented the initial purchasers in the Notes Offering and the Dealer Managers in the Tender Offer.
Value: $700 million
Baker Botts Lawyers/Office Involved:
Corporate: Mollie Duckworth (Partner, Austin); Justin Hoffman (Partner, Houston); Josh Davidson (Partner, Houston); Jennifer Wu (Senior Associate, Austin); Grace Matthews (Associate, Austin); Rachel Collier (Associate, Houston); Dillon Sebasco (Associate, Austin)
For more information, please see CMLP’s news release by clicking here.
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