Item 1.02 Termination of a Material Definitive Agreement
On January 25, 2023, outstanding borrowings under the Amended and Restated
Credit Agreement, dated as of June 25, 2021, by and among CPB Subsidiary
Holdings LLC, a Delaware limited liability company and indirect wholly owned
subsidiary of Crestwood Equity Partners LP (the "Registrant") ("CPB
Subsidiary"), as borrower, Crestwood Permian Basin Holdings LLC, as parent, the
lenders party thereto, Wells Fargo Bank, National Association, as administrative
agent and collateral agent, and certain other agents party thereto, as amended
by the First Amendment to Amended and Restated Credit Agreement, dated as of
April 13, 2022 (the "CPB Subsidiary Credit Agreement") were repaid in full, and
the CPB Subsidiary Credit Agreement was terminated. The CPB Subsidiary Credit
Agreement provided for a $230.0 million revolving credit facility (the "CPB
Subsidiary Revolving Credit Facility"), which would have matured on October 20,
2025 and was used for general corporate purposes. The repayment was funded with
borrowings under the Third Amended and Restated Credit Agreement, dated as of
December 20, 2021, by and among Crestwood Midstream Partners LP, a Delaware
limited partnership and wholly owned subsidiary of the Registrant (the
"Partnership"), as borrower, the lenders party thereto, and Wells Fargo Bank,
National Association, as administrative agent and collateral agent. The CPB
Subsidiary Revolving Credit Facility was terminated following the issuance of
the Partnership's $600.0 million aggregate principal amount of 7.375% Senior
Notes due 2031. At the time of termination, there was approximately
$164.0 million in borrowings outstanding under the CPB Subsidiary Revolving
Credit Facility. There were no prepayment penalties in connection with the
termination of the CPB Subsidiary Credit Agreement.
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