Crestwood gets tenders for 95.92% of 6% notes, 96.09% of 6 1/8% notes

By Susanna Moon

Chicago, March 14 – Crestwood Equity Partners LP’s wholly owned subsidiary, Crestwood Midstream Partners LP, wrapped two concurrent cash tender offers at 5 p.m. ET on March 13.

As announced March 7, Crestwood Midstream was tendering for its $338,758,000 of 6% senior notes due 2020 and its $436,436,000 of 6 1/8% senior notes due 2022.

Holders had tendered $324,947,000, or 95.92%, of the 6% notes and $419.39 million, or 96.09%, of the 6 1/8% notes, according to a company announcement.

Crestwood Midstream Finance Corp., a wholly owned subsidiary of Crestwood Midstream Partners LP, is a co-issuer.

The purchase price for each $1,000 principal amount is $1,033 for the 6% notes and $1,048.94 for the 6 1/8% notes.

Holders will also receive accrued interest to but excluding the settlement date of March 14 for initial tenders and March 16 for notes tendered under guaranteed delivery.

Each offer had a financing condition that required closing of a contemporaneous notes offering.

Proceeds from the issue of the company’s $500 million of 5¾% senior notes due 2025, which was also expected to close on Tuesday, will be used toward the settlement of the tender offers, the company said.

J.P. Morgan Securities LLC (212 834-4811 or 866 834-4666) is the dealer manager. D.F. King & Co., Inc. (866 416-0552, 212 269-5550, cmplp@dfking.com or dfking.com/cmplp) is the tender agent and information agent.

Crestwood is a Houston-based company focused on natural gas storage.

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