09.03.2015 13:04:04

Crestwood Midstream To Offer $700 Mln Of Senior Notes Due 2023 - Quick Facts

(RTTNews) - Crestwood Midstream Partners LP (CMLP) said it plans to offer $700 million in aggregate principal amount of unsecured senior notes due 2023 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended.

The company noted that the notes will be guaranteed on a senior unsecured basis by Crestwood Midstream's existing and future subsidiaries that guarantee the company's other series of senior notes outstanding and its revolving credit facility.

Crestwood Midstream expects to use the net proceeds from this offering to fund the redemption of all outstanding 7.75 percent senior notes due 2019, to pay down borrowings outstanding under its revolving credit facility, and for general partnership purposes.

In connection with this offering, Crestwood Midstream has notified the trustee of the 7.75 percent senior notes of the company's election to redeem all of the 7.75 percent senior notes outstanding on April 8, 2015, subject to completion of the notes offering.

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