Crestwood Midstream Puts Another $500M in the Bank

An investors’ group that includes Magnetar Capital, GSO Capital and GE Energy Financial Services, a GE subsidiary, is investing $500 million to get “preferred units” (think shares of stock) of Crestwood Midstream Partners. Some of the money will be used to pay down debt. However, some (much?) of the new money will go to finance ongoing expansion and development projects in the Marcellus and several other shale plays…

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