As previously announced, Inergy closed on its definitive agreement and contributed its retail propane operations to SPH in exchange for consideration of approximately $1.8 billion. Under the terms of the agreement, Inergy received approximately 14.2 million SPH common units; and SPH exchanged $1.187 billion of Inergy’s outstanding senior notes for $1.0 billion of new SPH senior notes and cash paid to note holders tendering in the exchange. Inergy has agreed to distribute approximately 14.1 million of the SPH common units it received to Inergy unitholders on a pro rata basis at a future record date to be determined by the board of directors of NRGY’s managing general partner, which management expects to occur within the next 30-45 days.About Inergy, L.P.
Inergy Reports Third Quarter Results
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