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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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August 31, 2015
07:32 EDTCMLPCrestwood to hold special meeting for proposed simplification merger on Sept. 30
Crestwood Equity Partners LP (CEQP) and Crestwood Midstream Partners LP (CMLP) announced today that Crestwood Equity's Registration Statement on Form S-4 has been declared effective by the SEC, and that Crestwood Midstream has filed a proxy statement with the SEC. Crestwood Midstream will hold a special meeting for its unitholders to vote on proposals related to the merger on September 30, 2015 at 10:00 a.m. Central Time, at 700 Louisiana Street, Suite 2550, Houston, TX 77002. On May 5, 2015, Crestwood Equity and Crestwood Midstream announced they had entered into a definitive agreement to merge the two publicly traded partnerships and simplify Crestwood's corporate structure into a single publicly traded partnership. As part of the merger consideration, Crestwood Midstream common unitholders and preferred unitholders, other than Crestwood Equity or its subsidiaries will become unitholders of Crestwood Equity in a tax free exchange, with Crestwood Midstream unitholders receiving 2.75 common units of Crestwood Equity for each unit held at the completion of the merger. Following the merger, Crestwood Midstream common units will cease to be listed on the NYSE and its incentive distribution rights will be eliminated.

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