Inergy Midstream Announces Receipt of Requisite Consents to Amend Indenture Governing Its 6% Senior Notes Due 2020
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Inergy Midstream, L.P. (NYS: NRGM) ("NRGM") announced today that it has...
Inergy Midstream Announces Receipt of Requisite Consents to Amend Indenture Governing Its 6% Senior Notes Due 2020
KANSAS CITY, Mo.--(BUSINESS WIRE)-- Inergy Midstream, L.P. (NYS: NRGM) ("NRGM") announced today that it has received the requisite consents ("Consents") from holders of its 6.0% Senior Notes due 2020 (the "Notes") in connection with its previously announced consent solicitation relating to the Notes.
As previously announced, on May 14, 2013, the Consents pertained to amending certain provisions of the indenture governing the Notes (the "Indenture") to modify the definition of "Change of Control" so that the consummation of any of the previously announced and pending transactions (the "Transactions") involving NRGM, Inergy, L.P. ("Inergy"), Crestwood Midstream Partners LP ("Crestwood") and Crestwood Holdings LLC ("Crestwood Holdings") and certain of their affiliates will not entitle holders of the Notes to require NRGM to repurchase their Notes.
The consent solicitation expired at 5:00 p.m., New York City time, on, May 22, 2013 (the "Expiration Date"). NRGM has been advised by Global Bondholder Services Corporation, as Information Agent, Tabulation Agent and Paying Agent in connection with the consent solicitation, that as of the Expiration Date, Consents were delivered and not revoked by holders of approximately $464.5 million in aggregate principal amount, or 92.9%, of the outstanding Notes, excluding any Notes owned by NRGM or any of its affiliates. As a result, NRGM and U.S. Bank National Association, as trustee under the Indenture, executed a supplemental indenture giving effect to the amendment of the Indenture, which will become operative upon payment of the consent fees immediately prior to the closing of Crestwood Holdings' and Crestwood Gas Services Holdings LLC's acquisition of the limited partnership interests of Inergy Holdings, L.P., the sole member of Inergy GP, LLC and general partner of Inergy (the "Acquisition").
Consents delivered at or prior to the Expiration Date may not be withdrawn or revoked, except as required by law. Holders of the Notes who provided Consents will be eligible to receive a cash payment of $1.00 for each $1,000 principal amount of Notes for which the holder of record has validly delivered a Consent.
NRGM's payment of the consent fee with respect to the Notes is conditioned upon, among other things, the Acquisition. If all of the conditions to the consent solicitation are satisfied or waived, NRGM will, as promptly as practicable on the closing date of the Acquisition and immediately prior to such closing, pay the consent fee to each holder of Notes who validly consented and did not revoke their consent on or prior to the Expiration Date.
No consent fee will be paid (i) to those holders of Notes who did not validly consent, (ii) to any holders if the consent solicitation is terminated prior to the closing date of the Acquisition for any reason or (iii) if the conditions precedent to the closing of the Acquisition are not satisfied or waived.
Citigroup Global Markets Inc. and BofA Merrill Lynch are acting as the Solicitation Agents in connection with the consent solicitation. Questions regarding the consent solicitation may be directed to Citigroup Global Markets Inc., Attention: Liability Management Group at telephone: (800) 558-3745 (toll free) or (212) 723-6106 (collect) or BofA Merrill Lynch, Attention: Debt Advisory at telephone: (888) 292-0070 (toll free) or (980) 387-3907 (collect). Requests for assistance in delivering consents or for additional copies of the consent solicitation statement should be directed to Global Bondholder Services Corporation at telephone: (212) 430-3774 for banks and brokers and all others at (866) 488-1500 (toll free) or (212) 430-3775 (fax).
This announcement is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of consents with respect to