Crestwood to offer $700 million senior notes

Crestwood Midstream Partners LP (NYSE: CMLP) intends 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 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% 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% senior notes of Crestwood Midstream’s election to redeem all of the 7.75% senior notes outstanding on April 8, subject to completion of the notes offering.

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