Crestwood Equity Partners LP (CEQP) and Crestwood Midstream Partners LP (CMLP) said Sept. 30 the merger between the companies has closed.

In conjunction with the merger, Crestwood Midstream entered into an amended and restated credit agreement Sept. 30.

The agreement established a $1.5 billion revolving credit facility. The five-year credit facility will be available to fund Crestwood’s on-going working capital and capital requirements.

With the merger complete, Crestwood is well positioned in 2016 and beyond to expand its business through long-term infrastructure investments, said Robert G. Phillips, chairman, president and CEO of Crestwood.

"We believe the merged partnership will be better positioned to create long-term value for our unitholders with the simplified structure and lower costs that result from the combination,” Phillips said in a statement.

First Reserve, the Greenwich, Conn.-based equity investment firm, is the substantial owner of Crestwood's general partner.

"We know it is a difficult period for the energy industry, but we remain committed to assisting in the growth and development of Crestwood’s operating platform, which First Reserve believes is located in some of the most prolific shale plays in the U.S.," said Michael France, managing director of First Reserve, in a statement.

Crestwood owns and operates midstream assets serving producers across the Marcellus, Bakken, Eagle Ford, Permian Basin, Powder River Basin Niobrara, Utica, Barnett, Fayetteville and Haynesville shale plays. Its operations include: natural gas gathering, compression, treating, processing, storage and transportation; NGL storage, logistics and marketing; and crude oil gathering, storage, terminating and marketing.

The closing followed approval of the merger by Crestwood Midstream’s unitholders.

Crestwood Equity’s common units will continue to trade on the New York Stock Exchange (NYSE) under the symbol CEQP. Crestwood Midstream’s common units will cease to be traded on the NYSE after the close of business on Sept. 30.