Crestwood Announces Secondary Offering of Common Units and Concurrent Common Unit Repurchase
Vinson & Elkins advised Crestwood Equity Partners LP (“Crestwood”) in connection with the underwritten secondary offering by certain subsidiaries of Chord Energy Corporation (the “Selling Unitholders”) of an aggregate of 11,400,000 common units representing limited partner interests of Crestwood (the “Public Offering”).
The Selling Unitholders received all of the proceeds from the Public Offering. Crestwood did not offer any of its common units in the Public Offering and did not receive any proceeds from the Public Offering.
V&E also advised Crestwood in its entry into a common unit repurchase agreement with one of the Selling Unitholders pursuant to which Crestwood repurchased up to an aggregate of $125 million of common units from such Selling Unitholder. The price per common unit to be paid by Crestwood equaled the price at which the common units were sold to the public in the Public Offering.
The V&E team was led by partner Gillian Hobson and senior associate Lucy Liu, with assistance from associates Chandler Jones, Phil Greenfield and Autumn Simpson. Other key team members include partners Jim Meyer and Ryan Carney and senior associate Curt Wimberly; counsel Larry Pechacek; partner Darin Schultz and associate Gigi Girling; and partner Shane Tucker.
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