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Stock Market & Financial Investment News

News Breaks
January 8, 2013
11:58 EDTCMLPCrestwood Midstream acquires remaining interest in Marcellus Shale joint venture
Crestwood Midstream announced that it has purchased the remaining 65% interest in Crestwood Marcellus Midstream from Crestwood Holdings Partners for $258M. The transaction is expected to be 7-8% accretive to Crestwood's 2013 distributable cash flow on a fully diluted basis and was funded with $129M of cash drawn on Crestwood's existing revolving credit facility and approximately 6.2M new Crestwood Class D units issued to Crestwood Holdings. As a part of the consideration received for the transaction, Crestwood Holdings is maintaining its 2% general partner interest in Crestwood. Crestwood does not expect any additional capital markets activity related to this transaction.
News For CMLP From The Last 14 Days
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July 1, 2015
07:10 EDTCMLPCrestwood Equity Crestwood Midstream weakness unwarranted, says Wells Fargo
Noting that Crestwood Equity (CEQP) and Crestwood Midstream (CMLP) have dropped 38% and 28% respectively since announcing that they would merge on May 6, Wells Fargo reports that Crestwood Equity disclosed that it was pursing several strategic alternatives. However, the firm does not believe that its statement contained any negative information. Among the possible explanations for the stocks' weakness Wells has heard are hedge funds' disappointment with the transaction, as they were looking for a third party takeover, an increase in the short interest in Crestwood Equity in the wake of the news, and low NGL prices. Nonetheless the firm views the weakness n the stocks as unwarranted. It keeps an Outperform rating on Crestwood Midstream and a Market Perform rating on Crestwood Equity.
June 23, 2015
07:24 EDTCMLPCredit Suisse to hold a conference
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