Crestwood schedules special meeting date for proposed merger

Crestwood Midstream Partners LP (NYSE: CMLP) will hold a special meeting on Sept. 30 for its unitholders to vote on proposals related on a proposed simplification merger.

Crestwood Equity Partners LP’s (NYSE: CEQP) Registration Statement on Form S-4 has been declared effective by the US Securities and Exchange Commission (SEC), and Crestwood Midstream has filed a proxy statement with the SEC.

Crestwood Midstream unitholders of record at the close of business on Aug. 24 will be entitled to receive notice of and to vote at the special meeting, and Crestwood Midstream will commence mailing proxy materials to its unitholders on or about Sept. 1. At the special meeting, Crestwood Midstream unitholders will meet to consider and vote upon the approval of the agreement and plan of merger dated as of May 5 by and among Crestwood Equity, Crestwood Equity GP LLC, CEQP ST SUB LLC, MGP GP, LLC, Crestwood Midstream Holdings LP, Crestwood Midstream, Crestwood Midstream GP LLC, and Crestwood Gas Services GP LLC, as it may be amended from time to time, and the merger transactions contemplated thereby. They will also consider and vote upon the approval of the proposal to adjourn the special meeting, if necessary, to solicit additional proxies if there are not sufficient votes to approve the merger agreement. They will also transact such other business as may properly be presented at the meeting or any adjournments or postponements of the meeting.

On May 5, Crestwood Equity and Crestwood Midstream announced they had entered into a definitive agreement to merge the two publicly traded partnerships and simplify Crestwood’s corporate structure into a single publicly traded partnership. As part of the merger consideration, Crestwood Midstream common unitholders and preferred unitholders, other than Crestwood Equity or its subsidiaries, will become unitholders of Crestwood Equity in a tax-free exchange, with Crestwood Midstream unitholders receiving 2.75 common units of Crestwood Equity for each unit held at the completion of the merger.

Following the merger, Crestwood Midstream common units will cease to be listed on the NYSE and its incentive distribution rights will be eliminated.

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