Brief: Crestwood Equity Partners LP Announces Strategic Transactions With Crestwood Holdings And Provides Update To 2021 Strategic Outlook

Crestwood Equity Partners LP

25/03/2021 20:21

March 25 (Reuters) - Crestwood Equity Partners LP  CEQP.N :
    * CRESTWOOD EQUITY PARTNERS LP ANNOUNCES STRATEGIC
TRANSACTIONS
WITH CRESTWOOD HOLDINGS AND PROVIDES UPDATE TO 2021 STRATEGIC
OUTLOOK
    * CRESTWOOD EQUITY PARTNERS LP ANNOUNCES STRATEGIC
TRANSACTIONS
WITH CRESTWOOD HOLDINGS AND PROVIDES UPDATE TO 2021 STRATEGIC
OUTLOOK
    * CRESTWOOD EQUITY - CRESTWOOD WILL ACQUIRE ABOUT 11.5
MILLION
COMMON UNITS AND GENERAL PARTNER INTEREST FROM CRESTWOOD
HOLDINGS FOR ABOUT $268 MILLION
    * CRESTWOOD EQUITY PARTNERS LP - FIRST RESERVE PRICED A
PRIVATE
PLACEMENT OF SIX MILLION COMMON UNITS FOR TOTAL PROCEEDS OF $132
MILLION
    * CRESTWOOD EQUITY PARTNERS LP - FIRST RESERVE EXPECTS TO
HAVE
FULLY EXITED ITS INVESTMENT IN CRESTWOOD
    * CRESTWOOD EQUITY - WILL RETIRE APPROXIMATE 11.5 MILLION
OUTSTANDING COMMON UNITS CURRENTLY HELD BY FIRST RESERVE, AND
TRANSITION TO A PUBLICLY ELECTED BOARD
    * CRESTWOOD EQUITY PARTNERS LP - BOARD OF DIRECTORS HAS
AUTHORIZED
A $175 MILLION OPPORTUNISTIC COMMON AND PREFERRED UNIT
REPURCHASE PROGRAM.
    * CRESTWOOD EQUITY PARTNERS LP - INCREASED FULL-YEAR 2021
ADJUSTED
EBITDA ESTIMATE OF $575 MILLION TO $625 MILLION
    * CRESTWOOD EQUITY PARTNERS LP - TRANSACTION RESULTS IN
GREATER
THAN 15% ACCRETION TO DISTRIBUTABLE CASH FLOW PER UNIT,
INCREASED FREE CASH FLOW
    * CRESTWOOD EQUITY PARTNERS LP - ANNOUNCEMENT DOES NOT
AFFECT
CRESTWOOD'S NOR FIRST RESERVE'S OWNERSHIP IN CRESTWOOD PERMIAN
BASIN HOLDINGS LLC

Source text for Eikon:  ID:nBw6Ttglha 
Further company coverage:  CEQP.N 

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