Crestwood Midstream Partners LP (CMLP) announced Tuesday that it has priced its public offering of 4.50 million common units representing limited partner interests at $23.90 per unit. Crestwood has granted the underwriters a 30-day option to purchase up to 675,000 additional common units.
The company stated that it intends 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.
Citigroup, Barclays, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc. is acting as the co-manager for the offering.
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