Crestwood to reduce revolver debt via proceeds from sale of US Salt

By Sarah Lizee

Olympia, Wash., Oct. 31 – Crestwood Equity Partners LP said it intends to reduce borrowings under its revolving credit facility using proceeds from the 100% sale of its equity interests of US Salt, LLC to an affiliate of Kissner Group Holdings LP for $225 million, according to a press release.

The transaction is expected to close during the fourth quarter as is subject to customary closing conditions.

Proceeds will also be used to reinvest in ongoing accretive organic growth projects in the Bakken and Delaware Basin, the company said.

As of Sept. 30, Crestwood had about $444 million outstanding under its $1.5 billion revolving credit facility.

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

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