Crestwood Midstream secures $500M preferred equity commitment

Crestwood Midstream Partners (CMLP +1.3%) says it secured $500M in preferred equity commitments from a group of strategic investors, including Magnetar Capital, affiliates of GSO Capital Partners, and GE Energy Financial Services.

With the closing of the equity commitment, CMLP sold $300M of the preferred units at $25.10/unit, a 16% premium to yesterday's closing price of CMLP common units.

Proceeds from the sale will be used to fund ongoing expansions and development projects in CMLP's core growth areas - including the Marcellus, Bakken and Niobrara shale plays - and to reduce outstanding borrowings under its revolving credit facility.

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