New Issue: Crestwood Midstream prices upsized $600 million 7 3/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Jan. 17 – Crestwood Midstream Partners LP and Crestwood Midstream Finance Corp. priced an upsized $600 million issue of eight-year senior notes (Ba3/BB) at par to yield 7 3/8% in a Tuesday drive-by, according to market sources.

The issue size increased from $500 million.

The yield printed at the tight end of yield talk in the 7½% area. Initial guidance was in the high-7% area.

Wells Fargo Securities LLC was the left bookrunner. Joint bookrunners were BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Truist Securities, Inc., Capital One Securities, Inc., Citizens Capital Markets, Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Regions Securities LLC and Goldman Sachs & Co. LLC.

The Houston-based midstream company plans to use the proceeds to repay borrowings under its revolving credit facility.

The company also intends to pay off the Crestwood Permian credit facility with borrowings under the revolver within 30 days after the closing of the notes offering.

Crestwood Midstream Partners provides gathering, processing, storage and transportation services to customers in the crude oil, natural gas liquids and natural gas sectors of the energy industry.

Issuers:	Crestwood Midstream Partners LP and Crestwood Midstream Finance Corp.
Amount:	$600 million, increased from $500 million
Issue:	Senior notes
Maturity:	Feb. 1, 2031
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, Truist Securities, Inc., Capital One Securities, Inc., Citizens Capital Markets, Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Regions Securities LLC and Goldman Sachs & Co. LLC
Senior co-managers:	PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Co-managers:	Comerica Securities, Inc., U.S. Bancorp Investments, Inc. and Zions Direct, Inc.
Coupon:	7 3/8%
Price:	Par
Yield:	7 3/8%
Spread:	396 bps
First call:	Feb. 1, 2026 at 103.688
Trade date:	Jan. 17
Settlement date:	Jan. 19
Ratings:	Moody's: Ba3
	S&P: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	7½% area
Marketing:	Drive-by

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