Crestwood raises tender to $312 million, announces early results

New York, May 26 – Crestwood Midstream Partners LP increased the size of its cash tender offer to a total purchase price of $312,000,800 from $250 million and announced the early results.

Because the tender is now fully subscribed, no further notes will be accepted for purchase, according to a news release.

Subject to the offer’s conditions being met, Crestwood will buy all the bonds tendered from the series that had priorities one and two but none of the bonds from the third-priority issue.

The tender results are as follows:

• Crestwood will buy all $161,242,000 of its $500 million of 6% senior notes due 2020 that were tendered by the early deadline, paying $967.50 per $1,000 principal amount. These notes had first priority;

• Crestwood will buy all $163,564,000 of its $600 million of 6 1/8% senior notes due 2022 that were tendered by the early deadline, paying $953.75 per $1,000 principal amount. These notes had second priority; and

• Crestwood will buy none of the $154,489,000 of its $700 million of 6¼% senior notes due 2023 that were tendered by the early deadline. The amount on offer was $952.50 per $1,000 principal amount and the notes had third priority.

Crestwood Midstream Partners, a subsidiary of Crestwood Equity Partners LP, announced the tender on May 12, saying it would pay up to $250 million to buy notes from three series, excluding accrued interest.

The announced purchase prices include an early tender premium of $50.00 per $1,000 principal amount that will only be paid to holders who submitted notes for purchase by the early tender date of 5 p.m. ET on May 25.

Crestwood will also pay accrued interest.

The tender ends at 11:59 p.m. ET on June 9.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is the lead dealer manager and SunTrust Robinson Humphrey, Inc. is the co-dealer manager. D.F. King & Co., Inc. (866 829-1035, 212 269-5550 or cmlp@dfking.com) is the tender agent and information agent.

Crestwood is a Houston-based limited partnership that owns and operates midstream businesses in multiple unconventional shale resource plays across the United States.

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