News Releases

Baker Botts Advises Initial Purchasers in Notes Offering by Crestwood Midstream Partners LP


On January 17, 2023, Crestwood Midstream Partners LP ("CMLP") announced and priced $600 million in aggregate principal amount of its 7.375% unsecured Senior Notes due 2031 (the “Notes”) in a private offering (the “Notes Offering”). The Notes Offering is expected to close on January 19, 2023, subject to satisfaction of customary closing conditions.

CMLP intends to use the net proceeds from the Notes Offering to repay a portion of borrowings under its revolving credit facility. CMLP also intends to repay and terminate Crestwood Permian Basin Holdings LLC’s (“CPJV”) credit facility with borrowings under the CMLP revolving credit facility within 30 days after the closing of the Notes Offering, at which time CMLP intends to designate CPJV and certain of its wholly owned subsidiaries as restricted subsidiaries and guarantors of the existing notes and the Notes.

Baker Botts represented the initial purchasers in the Notes Offering.

Houston, Texas, based CMLP is a limited partnership and wholly owned subsidiary of Crestwood Equity Partners LP 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.

The Baker Botts Team:

Corporate: Josh Davidson (Partner, Houston), Doug Getten (Partner, Houston), Garrett Hughey (Senior Associate, Houston), Marshall B. Heins II (Associate, Houston), Chelsea Johnson (Associate, Houston)

Finance: Clint Culpepper (Partner, Austin)

Tax: Chuck Campbell (Special Counsel, Houston)

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

Related Professionals