Inergy Completes Distribution of Inergy Midstream Units to Unitholders
KANSAS CITY, Mo. -- June 19, 2013
Inergy, L.P. (NYSE: NRGY) (Inergy), announced today that it has completed the
previously announced distribution on a pro rata basis to Inergy unitholders of
record on the record date of the approximately 56.4 million common units of
Inergy Midstream, L.P. (NYSE: NRGM) (NRGM) previously held by Inergy.
In connection with the distribution of the NRGM common units, each Inergy
unitholder of record on the record date of June 14, 2013, received 0.432052
NRGM common units for each Inergy unit representing limited partner interests
held by such unitholder (the NRGM Unit Distribution). No fractional NRGM
common units were distributed. Each Inergy unitholder that would have been
entitled to receive a fractional unit in the NRGM Unit Distribution received a
cash payment equal to the value of such fractional unit based on the closing
price of NRGM’s common units, as quoted on the New York Stock Exchange (NYSE),
on June 17, 2013.
Trading of NRGY Units
Inergy common units trading on the NYSE will be quoted “ex-distribution” at
the market open today; and thus, the Inergy common unit price is expected to
reflect the market value of the NRGM units that were distributed directly to
Composition of Future Inergy Cash Distributions
Inergy unitholders, subject to board approval, should expect to continue to
receive total quarterly cash distributions per Inergy common unit in the
amount of $0.29 per quarter ($1.16 annualized) or more, comprised of separate
cash distributions received directly from NRGM and directly from Inergy. Based
upon the most recently declared quarterly cash distribution of $0.395 per NRGM
common unit ($1.58 annualized), Inergy unitholders who receive the NRGM Unit
Distribution described above are expected to receive quarterly cash
distributions paid by NRGM per quarter in the amount of $0.17 ($0.68
annualized) per Inergy common unit they own.
Tax Consequences of the NRGM Unit Distribution
For disclosure regarding the anticipated U.S. federal income tax purposes to
Inergy unitholders of the NRGM Unit Distribution, please see Inergy’s Form 8-K
filed on June 18, 2013.
About Inergy, L.P.
Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded
master limited partnership. Inergy's operations include a natural gas storage
business in Texas and an NGL supply logistics, transportation, and marketing
business that serves customers in the United States and Canada. Through its
general partner interest in Inergy Midstream, L.P., Inergy is also engaged in
the development and operation of natural gas, NGL and crude oil storage,
transportation, and logistics businesses in the Northeast region of the United
States and in North Dakota.
About Inergy Midstream, L.P.
Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a publicly
traded master limited partnership engaged in the development and operation of
natural gas, NGL and crude oil storage, transportation, and logistics
businesses in the Northeast region of the United States and in North Dakota.
This press release may include certain statements concerning expectations for
the future that are forward-looking statements as defined by federal law such
as statements regarding Inergy’s trading price after the distribution and
Inergy and NRGM’s future cash distributions. Such forward-looking statements
are subject to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management’s control. These risks and assumptions are described in Inergy’s
annual reports on Form 10-K and other reports that are available from the
United States Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on forward-looking statements, which reflect management’s
view only as of the date made. We undertake no obligation to update any
forward-looking statement, except as otherwise required by law.
Corporate news, unit prices, and additional information about Inergy,
including reports from the United States Securities and Exchange Commission,
are available on the company’s website, www.inergylp.com. For more
information, contact Vince Grisell in Inergy’s Investor Relations Department
at 816-842-8181 or via e-mail at firstname.lastname@example.org.
Vince Grisell, 816-842-8181
Press spacebar to pause and continue. Press esc to stop.