Crestwood to pay down revolver borrowings with notes proceeds

By Sara Rosenberg

New York, Jan. 17 – Crestwood Midstream plans to repay some borrowings under its revolving credit facility using proceeds from a $600 million senior notes offering, according to a market source.

The notes offering was upsized from $500 million.

The company also intends to repay and terminate the Crestwood Permian credit facility with borrowings under its revolver within 30 days after the closing on the notes.

As of Jan. 13, there was $959.1 million in borrowings outstanding and $8.2 million in standby letters of credit outstanding under the revolver.

The Crestwood Permian credit facility had $169.3 million in borrowings outstanding as of Jan. 13.

Crestwood is a Houston-based owner and operator of crude oil, natural gas and NGL midstream assets.

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