CRESTWOOD EQUITY PARTNERS LP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

Item 1.01 Entry into a Material Definitive Agreement

Indenture

On January 19, 2023, Crestwood Midstream Partners LP (the "Partnership"), a wholly owned subsidiary of Crestwood Equity Partners, LP, and Crestwood Midstream Finance Corp. (together with the Partnership, the "Issuers") issued $600.0 million aggregate principal amount of a new series of the Issuers' 7.375% Senior Notes due 2031 (the "Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Notes were issued at par for net proceeds of approximately $591.0 million, after deducting the initial purchasers' discount and estimated offering expenses. The Partnership intends to use the net proceeds from the offering of the Notes to repay a portion of borrowings under its revolving credit facility (the "Revolving Credit Facility"). The Partnership also intends to repay and terminate Crestwood Permian Basin Holdings LLC's ("CPJV") credit facility with borrowings under the Revolving Credit Facility within 30 days after the closing of the offering of the Notes, at which time the Partnership intends to designate CPJV and certain of its wholly owned subsidiaries as restricted subsidiaries and guarantors of the Partnership's existing notes and the Notes.

The Notes are governed by an Indenture, dated as of January 19, 2023, among the Issuers, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (the "Indenture"). The Notes will mature on February 1, 2031. Interest on the Notes will be payable in cash on February 1 and August 1 of each year, beginning on August 1, 2023. Interest on the Notes will accrue from January 19, 2023. The Notes are guaranteed on a senior unsecured basis by all of the Partnership's subsidiaries that guarantee its existing notes and the indebtedness under the Partnership's Revolving Credit Facility. The description of the Indenture above does not purport to be complete and is qualified in its entirety by reference to the complete text of the Indenture, a copy of which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation

The information set forth in Item 1.01 of this report is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit
Number                                    Description

4.1            Indenture, dated as of January 19, 2023, among Crestwood Midstream
             Partners LP, Crestwood Midstream Finance Corp., the guarantors named
             therein and U.S. Bank Trust Company, National Association, as trustee


4.2            Form of 7.375% Senior Note due 2031 (included in Exhibit 4.1)

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document)



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