Crestwood Midstream Partners LP (CMLP), a subsidiary of Crestwood Equity Partners LP (CEQP), has announced a private offering of $700 million in unsecured Senior Notes due 2029. The offering is exempt from Securities Act registration requirements. Proceeds will fund obligations related to a tender offer for its existing 6.25% Senior Notes due 2023. The Notes will be guaranteed by subsidiaries and offered only to qualified institutional buyers. The offering is not contingent on the tender offer's completion. Forward-looking statements include various risks and uncertainties.
Crestwood Equity Partners LP (NYSE: CEQP) reported a net income of $4.6 million for Q3 2020, down from $33.6 million in Q3 2019. Adjusted EBITDA was $136.0 million, slightly below last year's $140.9 million. The company announced a cash distribution of $0.625 per common unit and ended the quarter with $2.6 billion in total debt and a leverage ratio of 4.1x. Strong performances in its Gathering and Processing segment were noted, while the Marketing, Supply and Logistics segment fell due to reduced refinery activity. Looking forward, Crestwood expects to exceed its revised 2020 guidance with continuing cash flow improvements.
Crestwood Equity Partners LP (NYSE: CEQP) announced a quarterly cash distribution of $0.625 per limited partner unit for Q3 2020, unchanged from the previous quarter, amounting to $2.50 annually. Additionally, a distribution of $0.2111 per Class A preferred equity unit was declared. The distributions are scheduled for November 13, 2020, to unitholders of record as of November 6, 2020. CEO Robert G. Phillips stated that preliminary Q3 results are in line with expectations, with positive free cash flow generation aiding in balance sheet strengthening.