Merger
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HOUSTON--(BUSINESS WIRE)--Aug. 31, 2015-- Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood Equity”) and Crestwood Midstream Partners LP (NYSE:CMLP) (“Crestwood Midstream”) announced today that Crestwood Equity’s Registration Statement on Form S-4 has been declared effective by the Securities and Exchange Commission (“SEC”), and that Crestwood Midstream has filed a proxy statement with the SEC. Crestwood Midstream will hold a special meeting for its unitholders to vote on proposals related to the merger on September 30, 2015 at 10:00 a.m. Central Time, at 700 Louisiana Street, Suite 2550, Houston, TX 77002.
HOUSTON--(BUSINESS WIRE)--Sep. 30, 2015-- Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood Equity”) and Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood Midstream”) (collectively “Crestwood”) today announced the closing of the merger between Crestwood Equity and Crestwood Midstream following approval of the merger by Crestwood Midstream’s unitholders. Crestwood Equity’s common units will continue to trade on the New York Stock Exchange under the symbol CEQP, while Crestwood Midstream’s common units will cease to be traded on the New York Stock Exchange after the close of business on September 30, 2015.
Reverse Unit Split, and Third Quarter 2015 Earnings
Release Date 10/22/2015
HOUSTON--(BUSINESS WIRE)-- Crestwood Equity Partners LP (NYSE: CEQP) announced today that the board of directors of its general partner has declared the partnership’s quarterly cash distribution of $0.1375 per limited partner unit ($0.55 annually) for the quarter ended September 30, 2015. Crestwood will issue ,372,573 preferred units to its preferred unit holders in lieu of cash distributions. Distributions will be made on November 13, 2015, to unitholders of record as of November 6, 2015.
Reverse Unit Split
Crestwood also announced today the board of directors of its general partner has approved a 1-for-10 reverse split on its common units, effective after the market closes on November 23, 2015. The units will begin trading on a splitadjusted
basis on November 24, 2015.
11/3/2015
HOUSTON--(BUSINESS WIRE)-- Crestwood Equity Partners LP (NYSE:CEQP) (“Crestwood Equity” or “Crestwood”) reported today its financial and operating results for the three months ended September 30, 2015.
Third Quarter 2015 Highlights
Third quarter 2015 adjusted EBITDA of $133.5 million, a 4% increase over $128.9 million in the third quarter 2014; First nine months 2015 adjusted EBITDA of $408.5 million, a 12% increase over $363.2 million in the first nine months 2014
Net loss of $623.4 million, compared to net income of $11.9 million in the third quarter 2014. Net loss for the third quarter 2015 includes non-cash charges for goodwill impairments of $609.9 million. These Goodwill impairments were largely attributed to discount rate increases resulting from continued commodity price
volatility and Crestwood’s current unit price
Distributable cash flow of $91.6 million, compared to $96.0 million in third quarter 2014, resulting in a third quarter 2015 cash distribution coverage ratio of 0.97x; trailing twelve months cash distribution ratio of 1.02x
Closed the merger between Crestwood Equity and Crestwood Midstream Partners LP (“CMLP” or “Crestwood Midstream”), with CMLP’s unitholders receiving 2.75 Crestwood Equity units for each CMLP unit owned
Closed an amended and restated $1.5 billion Crestwood Midstream revolving credit facility; $717 Million outstanding at September 30, 2015
Declared third quarter cash distribution of $0.1375 per common unit, or $0.55 per common unit on an annualized basis, payable on November 13, 2015 to unitholders of record as of November 6, 2015
1/26/2016
HOUSTON--(BUSINESS WIRE)-- Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or “CEQP”) announced today that the board of directors of its general partner has declared the partnership’s quarterly cash distribution of $1.375 per limited partner unit ($5.50 annually) for the quarter ended December 31, 2015. Crestwood will issue 1,404,317 preferred units to its preferred unitholders in lieu of cash distributions. Distributions will be made on February 12, 2016, to unitholders of record as of February 5, 2016.
Crestwood plans to report financial results for the fourth quarter 2015 on Tuesday, February 23, 2016, before the New York Stock Exchange opens for trading...