Crestwood Midstream secures capital boost

Crestwood Midstream Partners LP has received commitments of as much as $500 million in preferred equity for expansions and development projects in unconventional resource plays in the US.

The company has entered into definitive agreements for the sale of new preferred units worth up to that amount to a group of investors including Magnetar Capital, affiliates of GSO Capital Partners LP, and GE Energy Financial Services.

At the time of the agreement, Crestwood sold $300 million of the preferred units at a price reflecting a 16% premium to the closing price of its common units. The company expects to issue $200 million of additional preferred units to the investors before Sept. 30, 2015.

Crestwood’s activities include gathering, processing, treating, compression, storage, and transportation of natural gas; transportation and terminalling of NGL; and gathering, storage, terminalling, and marketing of crude oil.

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