Crestwood Equity Partners LP completed a 1-for-10 reverse split on its common units, the company said Nov. 24. The split will mitigate investor concerns and relieve ownership constraints which negatively affected certain investors’ ability to own company units at the pre-split price level.
Common unitholders received one common unit for every 10 common units owned. All fractional units created by the reverse unit split were rounded to the nearest whole unit, the company added.
As adjusted for the split, the amount of units was reduced to about 68.6 million outstanding, down from about 685.5 million; the $1.93 unit price was adjusted to $19.30 per unit and the third quarter distribution was not adjusted.
The reverse split did not affect Crestwood’s ability to pay distributions. The units began trading on a split-adjusted basis Nov. 24 on the New York Stock Exchange under the ticker CEQP. The common units’ new CUSIP number is 226344 208.
Crestwood Equity Partners LP is based in Houston.
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