Key Developments: Inergy Midstream L P (NRGM.N)
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Latest Key Developments (Source: Significant Developments)
Inergy Midstream LP Declares Increase In Quarterly Cash Distribution
Inergy Midstream LP announced that it has declared the partnership`s quarterly cash distribution of $0.40 per limited partner unit ($1.60 annually) for the quarter ended June 30, 2013, representing the fifth consecutive distribution increase. The distribution will be paid on August 14, 2013, to unitholders of record as of August 7, 2013. Full Article
Inergy Midstream LP Announces Management Change-Form 8-K
Inergy Midstream LP reported in its Form 8-K that on June 19, 2013, Phillip L. Elbert resigned as an Officer and Director of NRGY GP, John Sherman resigned as Chief Executive Officer (CEO) and will no longer serve as Chairman of the Board of Directors of NRGY GP and R. Brooks Sherman, Jr. resigned as President of NRGY GP. In addition, the employment of Messrs. Elbert, Sherman and Sherman was terminated as of June 19, 2013. John Sherman will continue to serve as a Director on the Board of Directors of NRGY GP. Messrs. On June 19, 2013, the Board of Directors of NRGY GP was expanded from five Directors to six Directors and Robert G. Phillips and Michael G. France were appointed as Directors of NRGY GP and Mr. Phillips was appointed Chairman of the Board. Mr. Phillips was also elected as Chief Executive Officer (CEO) and President of NRGY GP. As of the date of this Report, neither Mr. Phillips nor Mr. France have been named to serve on any committee of the Board of Directors of NRGY GP. Full Article
Inergy Midstream LP Declares Increase in Quarterly Cash Distribution
Inergy Midstream LP announced that it has declared the Company`s quarterly cash distribution of $0.395 per limited partner unit ($1.58 annually) for the quarter ended March 31, 2013, representing the fourth consecutive distribution increase. The distribution will be paid on May 15, 2013, to unitholders of record as of May 8, 2013. Full Article
Inergy Midstream LP Declares Increase in Quarterly Cash Distribution
Inergy Midstream LP announced that it has declared the Company`s quarterly cash distribution of $0.39 per limited partner unit ($1.56 annually) for the quarter ended December 31, 2012. The distribution will be paid on February 14, 2013, to unitholders of record as of February 7, 2013. Full Article
Inergy Midstream LP Completes Acquisition Of Rangeland Energy, LLC ;Completes Debt And Equity Financing
Inergy Midstream LP announced that it has completed the previously announced acquisition of Rangeland Energy, LLC ("Rangeland"), the owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities (the "COLT Hub") for approximately $425 million, subject to certain performance milestones and customary working capital adjustments. The COLT Hub acquisition is an expansion of Inergy Midstream`s shale-focused infrastructure portfolio and a natural extension of Inergy`s refinery and producer-services businesses. Additionally, the COLT Hub has a first-mover advantage in the Bakken and could lead to incremental crude oil and NGL investments. Inergy Midstream also announced that it has completed the long-term debt and equity financing associated with the COLT Hub acquisition with the private placement of $225 million of Inergy Midstream common units and $500 million in senior unsecured notes due 2020. The remaining net proceeds from these offerings were used to repay borrowings under the Inergy Midstream revolving credit facility. Full Article
Inergy Midstream LP Issues FY 2013 EBITDA Guidance Below Analysts' Estimates
Inergy Midstream LP announced that for fiscal 2013, it expects consolidated adjusted EBITDA to be $180 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $195 million for fiscal 2013. Full Article
Inergy Midstream LP Prices Private Placement Of $500 Million Of 6% Senior Notes Due 2020
Inergy Midstream LP's NRGM Finance Corp announced that the pricing of a private offering of $500 million in aggregate principal amount of senior unsecured notes due 2020 (the Notes Offering). The offering size was increased to $500 million from $400 million. The 6% notes mature on December 15, 2020, and were issued at par. Inergy Midstream expects the offering of the notes to close on December 7, 2012, subject to the satisfaction of customary closing conditions. Inergy Midstream intends to use the net proceeds from the Notes Offering to fund a portion of the $425 million purchase price of its pending acquisition of all of the equity interests in Rangeland Energy, LLC (the "Rangeland Acquisition") and to repay existing borrowings under its revolving credit facility. The remainder of the purchase price for the Rangeland Acquisition is expected to be funded by the proceeds from a private placement of 10,714,283 of Inergy Midstream`s common units. If the Rangeland Acquisition does not close concurrently with the Notes Offering, the net proceeds of the Notes Offering will be deposited into an escrow account pending completion of the Rangeland Acquisition. If the Rangeland Acquisition does not close on or prior to February 1, 2013 or the acquisition agreement is terminated earlier, the notes will be redeemed at a redemption price of 100% of the principal amount, plus accrued and unpaid interest to the redemption date. Full Article
Inergy Midstream LP and Inergy LP Announces To Acquire Rangeland Energy, LLC ; issues $225 Million Of Common Units In Private Placement
Inergy Midstream LP and Inergy LP announced that Inergy Midstream has executed a definitive agreement to purchase Rangeland Energy, LLC (Rangeland), the owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities (the COLT Hub) for $425 million, subject to certain performance milestones and customary working capital adjustments. Inergy Midstream has entered into an agreement to sell $225 million of common units in a private placement and has obtained committed unsecured debt financing to fund the balance of the acquisition purchase price. The COLT Hub is strategically located near the town of Epping in Williams County, North Dakota, in the heart of the Bakken and Three Forks shale oil-producing areas. The COLT Hub provides producers, refiners, and marketers with the largest open-access crude oil distribution hub in North Dakota. With 720,000 barrels of crude oil storage and two 8,700-foot rail loops, the COLT Hub can accommodate 120-car unit trains and is capable of moving more than 120,000 barrels per day by rail. COLT`s customers can source product via the eight-bay truck unloading rack, the COLT Connecter, a 21-mile, 10-inch bi-directional pipeline that connects the COLT Hub to the Enbridge and Tesoro pipelines at Dry Fork (Beaver Lodge/Ramberg junction), the Banner gathering system, and a planned connection to the Bear Tracker Energy gathering system. Full Article
Inergy Midstream LP Declares In Quarterly Cash Distribution
Inergy Midstream LP announced that it has declared the Company`s quarterly cash distribution of $0.385 per limited partner unit ($1.54 annually) for the quarter ended September 30, 2012. The distribution will be paid on November 14, 2012, to unitholders of record as of November 7, 2012. Full Article
Inergy Midstream LP Declares Increase Quarterly Cash Distribution
Inergy Midstream LP announced that it has declared the Company’s quarterly cash distribution of $0.38 per limited partner unit ($1.52 annually) for the quarter ended June 30, 2012. This represents an approximate 2.7% increase over the distribution for the previous quarter. The distribution will be paid on August 14, 2012, to unitholders of record as of August 7, 2012. Full Article
Crestwood, Inergy combine to tap energy infrastructure demand
- Crestwood Midstream Partners LP and Inergy Midstream LP agreed to merge in a cash and stock deal to tap demand for pipeline and storage services in North America's fast-developing shale fields.

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