Crestwood Announces Receipt of Requisite Consents With Respect to its Previously Announced Consent Solicitation

Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced the receipt of consents from holders of record of its outstanding 9.250% Perpetual Preferred Units (the “Preferred Units”) (CUSIP/ISIN: 226344307 / US2263443077) as of September 22, 2023 (collectively, the “Preferred Holders”) necessary to approve the proposed amendment (the “Proposed Amendment”) to Crestwood’s Sixth Amended and Restated Agreement of Limited Partnership, dated August 20, 2021, in connection with its previously announced solicitation of consents (the “Consent Solicitation”). As of 4:00 p.m., Eastern Time, on October 24, 2023 (the “Effective Time”), Preferred Holders of the requisite number of the issued and outstanding Preferred Units had validly delivered and not revoked consents to the Proposed Amendment. The ability of Preferred Holders to revoke validly delivered consents terminated upon the occurrence of the Effective Time. The Consent Solicitation will expire at 5:00 p.m., Eastern Time, on October 25, 2023 (the “Expiration Date”).

As previously announced, on August 16, 2023, Crestwood entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Energy Transfer LP (“Energy Transfer”), Pachyderm Merger Sub LLC, a direct wholly owned subsidiary of Energy Transfer (“Merger Sub”), and, solely for the purposes of Sections 2.1(a), 2.1(b), 2.1(c) and 5.21 thereof, LE GP, LLC, pursuant to which Crestwood will merge with and into Merger Sub (the “Merger”), with Merger Sub surviving the Merger as a direct wholly owned subsidiary of Energy Transfer. The Consent Solicitation is being conducted in connection with the Merger and at the direction of Energy Transfer.

As described in Crestwood’s Consent Solicitation Statement, dated September 27, 2023 (the “Statement”), upon effectiveness, the Proposed Amendment will, among other things, (i) increase the cash redemption price for the Preferred Units in connection with a cash redemption election in the Merger from $9.218573 to $9.857484 per Preferred Unit and (ii) conform certain terms of the Preferred Units with Energy Transfer’s other outstanding series of preferred units in order to simplify its capital structure following the Merger. As previously announced, the deadline for Preferred Holders to elect the form of merger consideration they wish to receive in the Merger is 5:00 p.m., Eastern Time, on October 31, 2023.