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.