News

Paul Hastings Advises Conflicts Committee of Crestwood Midstream Partners in its Joint Purchase with Brookfield Infrastructure of Tres Palacios Natural Gas Storage from Crestwood Equity Partners

November 24, 2014

Houston, TX-- Paul Hastings LLP, a leading global law firm, announced today that the firm represented the Conflicts Committee of the Board of Directors of the general partner of Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood Midstream”) in the purchase by Crestwood Midstream of a 50.01% interest in Tres Palacios Holdings LLC, a joint venture with Brookfield Infrastructure Group to own the Tres Palacios natural gas storage facility in Matagorda, Wharton and Colorado counties, Texas with a capacity to store up to 38.4 Bcf of natural gas and more than 1 Bcf/day injection and withdrawal capability. Crestwood Midstream will be the operator of Tres Palacios. The joint venture will purchase Tres Palacios from Crestwood Equity Partners LP (NYSE:CEQP) for a total cash consideration of $130 million. The transaction is expected to close in early December 2014.

Energy partner

Gislar Donnenberg

led the Paul Hastings team, which also included Finance partner

Paris Theofanidis

, Tax partner

Greg Nelson

and associate

Matthew Hendrix

.
Paul Hastings’ Houston office also recently advised

Castex Energy

2005, L.P. in a $200 million equity commitment from Riverstone Holdings LLC,

Atlas Pipeline Partners, L.P.

in its new $800 million revolving credit facility,

CST Brands, Inc

. (NYSE:CST) in its purchase of the general partner of CrossAmerica Partners LP (NYSE:CAPL),

Tall Oak Midstream, LLC

with an equity commitment of $400 million from private equity firm EnCap Flatrock Midstream and Tall Oak management, Tall Oak Midstream, LLC in its $100 million senior credit facility,

Atlas Resource Partners, LP

in the purchase of substantially all of the assets of GeoMet, Inc., and

NuStar Logistics

in a $300 million public offering.

Paul Hastings is a leading global law firm with a strong presence throughout Asia, Europe, Latin America, and the United States. Through a collaborative approach, entrepreneurial spirit, and commitment to client service, the professionals of Paul Hastings deliver innovative solutions to many of the world’s top financial institutions and Fortune 500 companies.