Crestwood Midstream Announces Expiration & Final Results of its Previously Announced Tender Offer for Any & All of its Outsta...
January 14 2021 - 9:00AM
Business Wire
Crestwood Midstream Partners LP (“CMLP”), a wholly-owned
subsidiary of Crestwood Equity Partners LP (NYSE: CEQP), announced
today the expiration and final results of its previously announced
cash tender offer (the “Tender Offer”) to purchase any and all of
its outstanding 6.25% Senior Notes due 2023 (the “2023 Notes”). The
Tender Offer expired at 5:00 p.m., New York City time, on January
13, 2021 (the “Expiration Time”).
As of the Expiration Time, as reported by the tender agent,
$399,164,000 aggregate principal amount of the 2023 Notes (58.09%)
were validly tendered, as reported by the information agent for the
Tender Offer, which excludes $4,604,000 aggregate principal amount
of the 2023 Notes that remain subject to guaranteed delivery
procedures. CMLP expects to accept for payment all such 2023 Notes
validly tendered and not validly withdrawn in the Tender Offer and
expects to make payment for such 2023 Notes on January 21, 2021,
subject to satisfaction of the conditions to the Tender Offer set
forth in the offer to purchase described below, including CMLP's
successful completion of its previously announced offering of
senior notes.
CMLP has retained RBC Capital Markets, LLC to serve as lead
dealer manager and Wells Fargo Securities, LLC to serve as
co-dealer manager for the Tender Offer, and D.F. King & Co.,
Inc. to serve as the information agent for the Tender Offer.
The complete terms and conditions of the Tender Offer are
described in the offer to purchase, dated January 6, 2021, and
related notice of guaranteed delivery, copies of which are
available at www.dfking.com/cmlp or
may be requested from the information agent for the Tender Offer,
D.F. King & Co., Inc., by telephone at (866) 416-0553 (toll
free) or, for banks and brokers, (212) 269-5550, and by email at
cmlp@dfking.com.
Persons with questions regarding the Tender Offer should contact
the lead dealer manager for the Tender Offer, RBC Capital Markets,
LLC, at (877) 381-2099 (toll free) or (212) 618-7843.
This press release shall not constitute an offer to purchase, or
the solicitation of an offer to buy, any securities, nor is it the
solicitation for acceptance of the Tender Offer in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
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 filings with the United States Securities and
Exchange Commission, including its most recent Annual Report on
Form 10-K, and subsequently filed Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K. 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 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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Crestwood Midstream Partners LP Investor Contact
Josh Wannarka, 713-380-3081 josh.wannarka@crestwoodlp.com Senior
Vice President, Investor Relations, ESG & Corporate
Communications Rhianna Disch, 713-380-3006
rhianna.disch@crestwoodlp.com Director, Investor Relations
Crestwood Equity Partners (NYSE:CEQP)
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