Crestwood Midstream Partners LP (CMLP) said Monday that it has commenced a public offering of 4.5 million common units representing limited partner interests.
Crestwood also plans to grant the underwriters a 30-day option to purchase up to 675,000 additional common units.
Crestwood said it plans to use the net proceeds from the offering, including the proceeds from any exercise of the underwriters' option to purchase additional common units, to reduce the indebtedness outstanding under its revolving credit facility and the Crestwood Marcellus Midstream LLC revolving credit facility, and for general partnership purposes. The amount repaid under Crestwood's revolving credit facility may be reborrowed by Crestwood and used to fund both future acquisitions and growth capital expenditures.
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