Quicksilver Resources Inc. has closed the previously announced sale of all of its interests in Quicksilver Gas Services to Crestwood Holdings LLC. Quicksilver received $701 million in cash at closing and expects to receive up to an additional $72 million in earn-out payments in 2012 and 2013.

The sale included 469,944 general partner units representing 100% of the general partner interests, 5,696,752 common units, 11,513,625 subordinated units and the note receivable from Quicksilver Gas Services LP, which had a balance of approximately $58 million at closing. Proceeds from the sale are being used to fully repay the company's $1 billion senior secured credit facility, which had an outstanding balance of approximately $529 million on September 30, 2010.

UBS Financial Services acted as financial advisor to Quicksilver and Davis Polk & Wardwell LLP acted as legal counsel to Quicksilver in connection with the transaction.

Tags: Quicksilver Resources Inc.