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Inergy Midstream Prices Initial Public Offering

Stocks in this article: NRGM NRGY

Inergy Midstream, L.P., a Delaware limited partnership (“ Inergy Midstream”), announced today the pricing of its initial public offering of 16,000,000 common units representing limited partner interests at $17.00 per common unit. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 2,400,000 common units at the initial public offering price, less underwriting discounts. The common units are scheduled to begin trading on the New York Stock Exchange on December 16, 2011 under the symbol “NRGM.” The offering is expected to close on December 21, 2011, subject to customary closing conditions.

Inergy Midstream intends to use the estimated net proceeds of approximately $252.3 million from the initial public offering, along with borrowings of approximately $82.7 million under its revolving credit facility, to repay all of the $255 million of indebtedness assumed from its parent, Inergy, L.P. (NYSE: NRGY), and to fund an $80 million cash distribution to Inergy, L.P. for reimbursement of capital expenditures associated with Inergy Midstream’s assets prior to the initial public offering. The net proceeds from any exercise of the underwriters’ option to purchase additional common units will be distributed to Inergy, L.P.

Inergy Midstream was formed by Inergy, L.P. to own, operate, develop and acquire midstream energy assets. Upon completion of the offering, the public will own an approximate 21.5% limited partner interest in Inergy Midstream, or an approximate 24.8% limited partner interest if the underwriters exercise their over-allotment option in full. Inergy, L.P. will own an approximate 78.5% limited partner interest in Inergy Midstream, or an approximate 75.2% limited partner interest if the underwriters exercise their over-allotment option in full.

Morgan Stanley, Barclays Capital, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Wells Fargo Securities are acting as joint book-running managers for the offering. J.P. Morgan, RBC Capital Markets, Robert W. Baird & Co., Morgan Keegan and Stifel Nicolaus Weisel are acting as co-managers for the offering.

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