Crestwood Midstream
Partners LP CMLP ("Crestwood") announced today that it has
purchased the remaining 65% interest in Crestwood Marcellus Midstream
LLC ("CMM") from Crestwood Holdings Partners LLC ("Crestwood
Holdings") for $258 million. 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 $129 million of cash drawn on
Crestwood's existing revolving credit facility and approximately 6.2
million new Crestwood Class D units ("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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