Brief: Crestwood Equity Partners Says Co. Con Edison's Units To Divest Stagecoach Gas Services Llc To A Unit Of Kinder Morgan For $1.225 Billion

Crestwood Equity Partners LP

01/06/2021 14:15

June 1 (Reuters) - Crestwood Equity Partners LP  CEQP.N :
    * CRESTWOOD EQUITY PARTNERS - CO. CON EDISON'S UNITS TO
DIVEST
STAGECOACH GAS SERVICES LLC TO A UNIT OF KINDER MORGAN FOR
$1.225 BILLION
    * CRESTWOOD EQUITY PARTNERS LP - CASH PROCEEDS FROM
DIVESTITURE
WILL BE SPLIT PRO RATA BETWEEN CO AND CON EDISON IN LINE WITH
THEIR 50% OWNERSHIP IN JV
    * CRESTWOOD EQUITY PARTNERS LP - INTENDS TO USE NET PROCEEDS
TO
REPAY OUTSTANDING BORROWINGS UNDER REVOLVING CREDIT FACILITY
    * CRESTWOOD EQUITY PARTNERS - INTENDS TO OPPORTUNISTICALLY
UTILIZE
FREE CASH FLOW AFTER DISTRIBUTIONS FOR COMMON, PREFERRED EQUITY
BUY-BACK PROGRAM

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

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