Crestwood Midstream Floats $700M in IOUs

It’s still the season to float “unsecured notes” (i.e. IOUs) for both drillers and pipeline companies. The latest we’ve noticed is Crestwood Midstream. A year and a half ago Crestwood merged with and bought out Inergy, creating a large pipeline and processing plant company with major operations in the northeast (see Crestwood/Inergy Complete Their Merger Today, Worth $8B). Yesterday Crestwood floated notes hoping to score $700 million in cash, to be used to pay down older debt. Here’s their announcement…

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