Crestwood 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.
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