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Inergy gets needed consents to amend $500 million 6% notes due 2020
By Jennifer Chiou
New York, May 22 - Inergy Midstream, LP said it received consents from holders of $464.5 million, or 92.9%, of its $500 million of outstanding 6% senior notes due 2020, enough to amend the note indenture.
The consent solicitation ended at 5 p.m. ET on May 22.
The company was seeking to amend the notes to revise the definition of "change of control" so that it will not be required to redeem the 6% notes under the planned merger with Crestwood Midstream Partners LP and Crestwood Holdings LLC.
The trustee has executed a supplemental indenture, which will become operative upon payment of the consent fees immediately prior to the closing of the acquisition.
The consent payment will be $1.00 in cash for each $1,000 principal amount of notes if the company obtains the needed consents to amend the notes.
The consent solicitation was conditioned on the company receiving consents from holders of at least a majority of the outstanding notes and the completion of Crestwood Holdings' acquisition of the general partner of Inergy. Holders must be of record as of May 13.
Citigroup Global Markets Inc. (attn: liability management group, 800 558-3745 or collect 212 723-6106) and BofA Merrill Lynch (attn: debt advisory, 888 292-0070 or collect 980 387-3907) were the solicitation agents. Global Bondholder Services Corp. (866 488-1500, fax 212 430-3775 or banks and brokers 212 430-3774) was the information agent, tabulation agent and paying agent.
Inergy is a Kansas City, Mo.-based developer and operator of natural gas and NGL storage and transportation assets. It began the solicitation on May 14.
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