© 2015 The Texas Lawbook.
By Natalie Posgate
(March 24) – Houston-based Crestwood Midstream Partners announced Monday that it closed a private offering of unsecured senior notes that raised $700 million.
The company expects to use the cash raised to fund the redemption of its outstanding 7.75 percent senior notes due 2019, to pay down borrowings outstanding under its revolving credit facility, as well as for general partnership purposes.
The initial purchasers were from a group of banks, including Merrill Lynch, Pierce Fenner & Smith Incorporated, Barclays, Citigroup, Credit Suisse and others. The banks hired Austin corporate partner Mollie Duckworth of Baker Botts to lead the transaction for them. Duckworth received assistance from Dallas partner Doug Rayburn, Houston partner Joshua Davidson and Austin associates Alyssia Bernazal and Christopher Janisch.
Baker Botts attorneys who worked on other aspects of the deal included tax special counsel Chuck Campbell, environmental partner Scott Janoe and associate Kimberly White and real estate associate Daniel Kruger from Houston, as well as regulatory attorneys from the firm’s Washington, D.C. office.
Houston corporate partner Gillian Hobson of Vinson & Elkins led the deal for Crestwood. She received assistance from partners Michael Harrington, Judith Blissard and Wendy Salinas; counsel Larry Pechacek; and associates Robbie Hopkins and Bo Shi. All attorneys are based in either Houston or Dallas.
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