Simpson Thacher represented Crestwood Midstream Partners LP (“Crestwood”) and Crestwood Midstream Finance Corp. as co-issuers in connection with a Rule 144A/Regulation S offering of $600 million aggregate principal amount of 6.125% Senior Notes due 2022, guaranteed by each of Crestwood’s existing and future domestic subsidiaries that guarantee any indebtedness for borrowed money.
Crestwood used the net proceeds from the offering to finance a portion of its acquisition of Arrow Midstream Holdings, LLC, a privately-held company, which owns and operates substantial crude oil, natural gas and water gathering systems located in the core of the Bakken Shale in McKenzie and Dunn Counties, North Dakota.
Crestwood, headquartered in Houston, Texas, is a fully integrated energy midstream company that provides broad-ranging infrastructure solutions across the value chain in premier shale plays in the United States. First Reserve Management, L.P., a leading private equity firm specializing in the energy industry, making both private equity and infrastructure investments throughout the energy value chain, owns a significant equity position in Crestwood.
The Simpson Thacher team included Ed Tolley, David Azarkh and Erika Tang (Capital Markets); Alden Millard and Gibbs Fryer (Credit); Jonathan Cantor and Sophie Staples (Tax); Timothy Mulvihill (Environmental); and Aimee Adler (Executive Compensation & Employee Benefits).