Business & Finance
Fri, December 30, 2011 
KANSAS CITY, Mo.--([ BUSINESS WIRE ])--Inergy, L.P. (NYSE:NRGY) announced today that its Maximum Tender Offer for up to $150 million in aggregate principal amount of its outstanding 6.875% Senior Notes due 2021 (the a2021 Notesa) and 7% Senior Notes due 2018 (the a2018 Notesa) was oversubscribed as of the early tender date, 5:00 p.m., New York City time, on December 28, 2011.
According to information provided to Inergy by the D.F. King & Co., Inc., the depositary for the Maximum Tender Offer, greater than $150 million in aggregate principal amount of the 2021 Notes were validly tendered and not withdrawn as of 5:00 p.m., New York City time, yesterday. The 2021 Notes have an acceptance priority over the 2018 Notes per the terms of the Maximum Tender Offer. Accordingly, Inergy has accepted for payment $150 million in aggregate principal amount of the 2021 Notes, subject to proration in accordance with the terms of the Maximum Tender Offer.
Inergy will make payment for the 2021 Notes accepted for purchase later today through the facilities of The Depository Trust Company. The holders of such notes will receive total consideration equal to $1,025.00 per $1,000 principal amount of notes, which includes an early tender premium of $30.00 per $1,000 principal amount of notes accepted for purchase, plus accrued and unpaid interest on such notes to the payment date.
No 2018 Notes will be purchased, and all of the 2018 Notes that have been tendered and not withdrawn will be returned to the holders. As permitted by the terms of the Maximum Tender Offer, Inergy has opted not to accept any additional tenders of notes.
About Inergy, L.P.
Inergy, L.P., with headquarters in Kansas City, Missouri, is a master limited partnership with operations that include the retail marketing, sale, and distribution of propane to residential, commercial, industrial, and agricultural customers. The company also operates a natural gas storage business; a liquid petroleum gas storage business; a solution-mining and salt production company; and a propane supply logistics, transportation, and wholesale marketing business that serves independent dealers and multi-state marketers in the United States and Canada.
For more information, contact Mike Campbell in Inergy's Investor Relations Department at 816-842-8181 or via e-mail at [ investorrelations@inergyservices.com ].
