Key Developments: Inergy LP (NRGY.N)
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Latest Key Developments (Source: Significant Developments)
Inergy LP Declares Quarterly Cash Distribution
Inergy LP announced that it has declared the partnership's quarterly cash distribution of $0.13 per limited partner unit ($0.52 annually) for the quarter ended June 30, 2013. The distribution will be paid on August 14, 2013, to unitholders of record as of August 7, 2013. Full Article
Inergy LP Announces Management Change-Form 8-K
Inergy 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 LP Declares Quarterly Cash Distribution
Inergy LP announced that it has declared the Company`s quarterly cash distribution of $0.29 per limited partner unit ($1.16 annually) for the quarter ended March 31, 2013. The distribution will be paid on May 15, 2013, to unitholders of record as of May 8, 2013. Full Article
Inergy LP Reaffirms FY 2013 EBITDA Guidance-Conference Call
Inergy LP announced that the expectation remains in the area of $180 million of adjusted EBITDA for NRGM and $260 million for NRGY on a consolidated basis in fiscal 2013. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $262 million for fiscal 2013. Full Article
Inergy LP Declares Quarterly Cash Distribution
Inergy LP announced that it has declared the Company`s quarterly cash distribution of $0.29 per limited partner unit ($1.16 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 LP Issues FY 2013 EBITDA Guidance In Line With Analysts' Estimates
Inergy LP announced that for fiscal 2013, it expects consolidated adjusted EBITDA to be approximately $260 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $257 million for fiscal 2013. 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 LP Declares Quarterly Cash Distribution
Inergy LP announced that it has declared the Company`s quarterly cash distribution of $0.29 per limited partner unit ($1.16 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 LP Announces Authorization of Unit Repurchase Program
Inergy LP announced that its Board of Directors has authorized the repurchase of up to $100 million in value of the Partnership`s outstanding common units from time to time through March 31, 2013, in open market transactions, including block purchases. Full Article
Suburban Propane Partners, L.P. Completes Acquisition Of Inergy, L.P.'s Retail Propane Operations
Suburban Propane Partners, L.P. announced that it has successfully completed the acquisition of Inergy L.P.'s (Inergy) retail propane operations, effective August 1, 2012. The stated purchase price of the acquisition was approximately $1.8 billion. In connection with the Inergy Propane Acquisition, the Partnership successfully completed on August 1, 2012, its previously announced offers to exchange ("Exchange Offers") and related consent solicitations in connection with certain outstanding notes of Inergy, pursuant to which it issued $496.6 million principal amount of new unsecured 7 ½% Senior Notes due 2018 and $503.4 million principal amount of new unsecured 7⅜% Senior Notes due 2021, and paid $184.8 million in cash to Inergy noteholders pursuant to the Exchange Offers. Additionally, the Partnership distributed 14.2 million new Suburban common units to Inergy, of which all but 0.1 million common units will subsequently be distributed by Inergy to its unitholders. Full Article
UPDATE 2-Inergy, Crestwood to merge to form $7 bln firm to tap shale boom
* Combined entity to have enterprise value of about $7 bln

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