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Crestwood Announces Secondary Offering of Common Units and Concurrent Common Unit Repurchase
HOUSTON--(BUSINESS WIRE)-- Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that certain subsidiaries of Chord Energy Corporation
About this update from Chord Energy Corporation
[{"type":"text","content":" HOUSTON--(BUSINESS WIRE)--\nCrestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that certain subsidiaries of Chord Energy Corporation (NASDAQ: CHRD) (f/k/a Oasis Petroleum Inc.) (the “Selling Unitholders”) intend to offer for sale in an underwritten secondary offering an aggregate of 11,400,000 common units representing limited partner interests of Crestwood (the “Public Offering”). The Selling Unitholders will receive all of the proceeds from the Public Offering. Crestwood is not offering any of its common units in the Public Offering and will not receive any proceeds from the Public Offering.\n\nAdditionally, Crestwood announced that it has entered into a common unit repurchase agreement with one of the Selling Unitholders pursuant to which it intends to repurchase up to an aggregate of $125 million of common units from such Selling Unitholder (the \"Unit Repurchase\"). The price per common unit to be paid by Crestwood will equal the price at which the common units will be sold to the public in the Public Offering. The Unit Repurchase is expected to be consummated concurrently with the closing of the Public Offering. Although the Unit Repurchase will be conditioned upon, among other things, the closing of the Public Offering, the closing of the Public Offering will not be conditioned upon the closing of the Unit Repurchase.\n\nCitigroup is acting as the sole-bookrunning manager for the Public Offering.\n\nThe securities described above are being offered pursuant to an effective shelf registration statement on Form S-3, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective February 14, 2022. The Public Offering may be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the Public Offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the Public Offering, when available, can be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).\n\nThis press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shal...