Inergy Completes Distribution Of Inergy Midstream Units To Unitholders
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 Inergy unitholders.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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV