This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Inergy Midstream Prices Initial Public Offering

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.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.98 -1.40%
FB $99.58 -1.40%
GOOG $671.29 -1.90%
TSLA $154.00 7.20%
YHOO $26.68 -1.50%


Chart of I:DJI
DOW 15,582.49 -332.25 -2.09%
S&P 500 1,819.32 -32.54 -1.76%
NASDAQ 4,228.7990 -54.7930 -1.28%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs