- Crestwood Equity Partners ( NYSE: CEQP ) on Monday said certain units of Chord Energy ( NASDAQ: CHRD ) intend to offer for sale up to 11.4M common units through a secondary offering.
- CEQP said it is not offering any of its units and will not get any proceeds from the offering.
- CEQP also said it had entered into a repurchase program with one of the CHRD units to repurchase up to $125M common units.
- The price per common unit to be paid by CEQP under the repurchase program would be equal to the price at which the common units would be sold in the secondary offering by the CHRD units.
- Separately, CEQP announced the divestiture of its Marcellus assets to Antero Midstream for $205M.
For further details see:
Crestwood announces common units secondary offering & concurrent common unit repurchase