Crestwood Midstream Partners LP Announces Expiration & Final Results of Its Tender Offers for Its Outstanding 6.000% Senior N...
March 14 2017 - 8:00AM
Business Wire
Crestwood Midstream Partners LP (“CMLP”), a wholly-owned
subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), announced
today that its previously announced cash tender offers expired
at 5:00 p.m. New York City time on March 13,
2017. At the expiration time, valid tenders had been received in
the amounts set forth in the table below.
Issuer(1) Title
of Security
CUSIPNumber
PrincipalAmountOutstanding
PrincipalAmountTendered(2)
Percentage
ofOutstandingAmountTendered(2)
Crestwood MidstreamPartners LP
6.000% SeniorNotes due 2020
226373AJ7 $338,758,000 $324,947,000 95.92%
Crestwood MidstreamPartners LP
6.125% SeniorNotes due 2022
226373AH1 $436,436,000 $419,390,000 96.09%
(1) Crestwood Midstream Finance Corp., a wholly owned subsidiary
of Crestwood Midstream Partners LP, is a co-issuer of each series
of these securities.(2) Excludes notes of all series that remain
subject to the guaranteed delivery procedures.
CMLP expects to accept for payment all notes validly tendered
and not validly withdrawn as of the expiration time of the tender
offers, and CMLP expects to make payment for these notes later
today. Settlement for any notes delivered in accordance with the
guaranteed delivery procedures and accepted for payment will be
made on March 16, 2017.
Proceeds from the issuance of CMLP’s $500 million of 5.75%
senior notes due 2025, which is also expected to close today, will
be applied to the settlement of the tender offers.
J.P. Morgan Securities LLC acted as the exclusive Dealer Manager
in connection with the tender offers. Questions regarding the terms
of the offers may be directed to J.P. Morgan Securities LLC by
calling (212) 834-4811 (collect) or (866) 834-4666 (toll-free).
D.F. King & Co., Inc. served as the Tender Agent and
Information Agent for the offers.
This announcement is not an offer to purchase or a solicitation
of an offer to sell any securities and shall not constitute a
notice of redemption under the indentures governing the notes.
Forward-Looking Statement
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal securities law. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties,
and other factors that are difficult to predict and many of which
are beyond management’s control. These risks and assumptions are
described in CMLP’s most recent annual report on Form 10-K and
other reports that are available from the United States Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management’s
view only as of the date made. We undertake no obligation to update
any forward-looking statement, except as otherwise required by
law.
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 unconventional 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; and
gathering, storage, terminalling and marketing of crude oil.
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Crestwood Midstream Partners LPInvestor
ContactJosh Wannarka, 713-380-3081Vice President, Investor
Relationsjosh.wannarka@crestwoodlp.com
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