Inergy Midstream, L.P. (NYSE:NRGM) (“Inergy Midstream”) and the owner of its general partner, Inergy, L.P. (NYSE:NRGY) (“Inergy”), announced today that Inergy Midstream has completed the previously announced acquisition of Rangeland Energy, LLC (“Rangeland”), the owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities (the “COLT Hub”) for approximately $425 million, subject to certain performance milestones and customary working capital adjustments. The COLT Hub acquisition is an expansion of Inergy Midstream’s shale-focused infrastructure portfolio and a natural extension of Inergy’s refinery and producer-services businesses. Additionally, the COLT Hub has a first-mover advantage in the Bakken and could lead to incremental crude oil and NGL investments.
Inergy Midstream also announced today that it has completed the long-term debt and equity financing associated with the COLT Hub acquisition with the private placement of $225 million of Inergy Midstream common units and $500 million in senior unsecured notes due 2020. The remaining net proceeds from these offerings were used to repay borrowings under the Inergy Midstream revolving credit facility.
About Inergy Midstream, L.P.
Inergy Midstream, L.P., headquartered in Kansas City, Missouri, is a master limited partnership primarily engaged in the development and operation of natural gas and NGL storage and transportation assets. Inergy Midstream’s assets are located in the Northeast region of the United States.
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 and marketing business that serves customers in the United States and Canada. Through its general partner interest and majority equity ownership interest in Inergy Midstream, L.P., Inergy is also engaged in the development and operation of natural gas and NGL storage and transportation business in the Northeast region of the United States.