Crestwood Midstream Partners LP (NYSE: CMLP) said March 9 it will make a private offer of $700 million, in aggregate principal amount, of unsecured senior notes.
The notes are due in 2023.
The net proceeds will fund the redemption of all outstanding 7.75% senior notes due 2019. They will also pay down outstanding revolving credit facility borrowings and support general partnership purposes.
Additionally, Crestwood Midstream plans to redeem all of the outstanding 7.75% senior notes on April 8, subject to the notes offering’s completion.
Houston-based Crestwood Midstream works in domestic unconventional shale resource plays.
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