Crestwood Equity Partners LP (CEQP)

[jugs]

Some will no doubt question the 56 cent drop at this moment, twenty minutes into trading. Rest assured, the news in CEQP is not a true secondary. And there's nothing at all dilutive here, either.

Notes bearing higher interest rates are being put up for renegotiation. This is just another way of opting for better debt rates, not unlike refinancing your home mortgage. These notes are not due this year or next, they are designed for longer periods of repayment. Because this MLP has been chugging along with greater traction, the powers that be determined and decided to pull the plug and test the waters in search for more favorable terms. They achieved their goal. We will all benefit.

Hoping this helps someone understand.

Jugs