Crestwood Equity Partners drops on pricing secondary offering

Crestwood Equity Partners LP

13/09/2022 12:52

** Crestwood Equity Partners LP  CEQP.N  down 3.6% at $27.60
premarket after O&G pipeline operator's secondary offering
prices
    ** Subsidiaries of Chord Energy Corp  CHRD.O , formerly
Oasis Petroleum Inc, sell 11.4 mln units for $306.7 mln
 urn:newsml:reuters.com:*:nBw95s7Kva
    ** Crestwood also to repurchase up to $125 mln worth of
units from Chord
    ** Offering price equates to $26.90, per Thomson Reuters
calculation, 6% discount to CEQP last sale on Mon
    ** Citigroup sole bookrunner
    ** Crestwood last Oct bought Oasis Petroleum's midstream
unit in a $1.8 bln deal consisting of ~$150 mln cash and 21 mln
CEQP units  urn:newsml:reuters.com:*:nL4N2RM2WN
    ** Crestwood has ~109.25 mln units outstanding, per
Refinitiv data
    ** CEQP up 3.7% YTD through Mon close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))