Key Developments For Inergy, L.P.
Inergy, L.P. (NRGY.O) (Nasdaq)
Inergy L.P. Announces Closing Of New Four Year Revolving Credit Facility
Inergy L.P. announced that it has closed a new $525 million four-year senior secured revolving credit facility. The new credit facility replaces Inergy`s old facility that was due to mature in November 2010. The syndicated transaction was led by J.P. Morgan Securities, Inc.; Wells Fargo Securities, LLC; and Banc of America Securities, LLC, each serving as joint lead arranger and joint bookrunner. The credit facility includes a diverse group of 18 banks and was well supported by its existing bank relationships as well as several new lenders to Inergy. JP Morgan Chase Bank, NA will serve as the administrative agent. The credit facility consists of a $75 million revolving working capital line of credit and a $450 million revolving general partnership line of credit and includes an expansion option of up to $100 million. The credit facility may be used for general partnership purposes including the refinancing of existing indebtedness, the financing of acquisitions and capital expenditures, and the financing of working capital needs. The credit facility matures in November 2013, and amounts outstanding will bear interest at variable interest rates. The Company currently has approximately $76 million outstanding under the new credit facility.
Inergy L.P. Declares Increase In Quarterly Cash Distribution
Inergy L.P. announced an increase in the Company`s quarterly cash distribution to $0.675 per limited partner unit ($2.70 annually) for the quarter ended September 30, 2009. This represents an approximate 6.3% increase over the distribution for the same quarter of the prior year. The distribution will be paid on November 13, 2009, to unitholders of record as of November 6, 2009.
Inergy L.P. Prices Common Unit Offering
Inergy L.P. announced that it has priced, in an underwritten public offering, 3,500,000 common units representing limited partner interests at $27.80 per unit. Inergy, L.P. intends to use the net proceeds from this offering (and the net proceeds from any exercise of the underwriters` option to purchase additional common units) to repay outstanding indebtedness under its revolving credit facilities and for general partnership purposes, which may include the acquisition of businesses, growth and other capital expenditures, and additions to working capital. Morgan Stanley and Citi served as joint book-running managers for the offering. The underwriters have been granted a 30-day option to purchase up to 525,000 additional common units to cover over-allotments, if any. The offering is expected to close on August 11, 2009.
Inergy L.P. Announces Public Offering of Common Units
Inergy L.P. announced the commencement of an underwritten public offering of 3,500,000 common units. Inergy, L.P. also intends to grant the underwriters the option to purchase up to 525,000 additional common units to cover over allotments, if any. Inergy, L.P. intends to use the net proceeds from this offering (and the net proceeds from any exercise of the underwriters' option to purchase additional common units) to repay outstanding indebtedness under its revolving credit facilities and for general partnership purposes, which may include the acquisition of businesses, growth and other capital expenditures, and additions to working capital. Morgan Stanley and Citi will act as joint book running managers for the offering.
Inergy L.P. Declares Increase In Quarterly Cash Distribution
Inergy GP, LLC, managing general partner of Inergy L.P. announced an increase in the Company's quarterly cash distribution to $0.665 per limited partner unit ($2.66 annually) for the quarter ended June 30, 2009. The distribution will be paid on August 14, 2009, to unit holders of record as of August 7, 2009.
