Crestwood Midstream Partners LP - 2012-07-24

Crestwood Midstream Partners has commenced a public offering of 4,000,000 common units under its effective shelf registration statement. Crestwood intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option of common units, to reduce the indebtedness outstanding under its revolving credit facility. Crestwood anticipates that approximately $90 million of the amount to be repaid under its revolving credit facility will be re-borrowed and used to finance, in whole or in part, the previously announced potential acquisition of certain gathering and processing assets in the liquids-rich southwestern area of the Barnett Shale from certain subsidiaries of Devon Energy Corporation. Wells Fargo Securities, Barclays, Citigroup, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the offering.