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Crestwood Midstream’s expiration and final results of tender offer for outstanding notes

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Crestwood Midstream Partners LP, which is a wholly-owned subsidiary of Crestwood Equity Partners LP, has announced the expiration and final results of its previously announced cash tender offer to purchase any and all of its outstanding 6.25 percent senior notes, due 2023.

The tender offer expired at 5pm, New York City time, on January 13, 2021. As of this expiration time, as reported by the tender agent, $399,164,000 aggregate principal amount of the 2023 notes (58.09 percent) were validly tendered, as reported by the information agent for the tender offer.

This excludes $4,604,000 aggregate principal amount of the 2023 notes that remain subject to guaranteed delivery procedures.

CMLP expects to accept for payment all such 2023 notes validly tendered and not validly withdrawn in the tender offer and expects to make payment for such 2023 notes on January 21, 2021, subject to satisfaction of the conditions to the tender offer set forth in the offer to purchase described below, including CMLP’s successful completion of its previously announced offering of senior notes.

CMLP has retained RBC Capital Markets LLC to serve as lead dealer manager, Wells Fargo Securities LLC to serve as co-dealer manager for the tender offer, and DF King & Co Inc to serve as the information agent for the tender offer.

The complete terms and conditions of the tender offer are described in the offer to purchase, dated January 6, 2021, and related notice of guaranteed delivery.

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