Referenced Stocks

Inergy Midstream Completes Acquisition of Rangeland Energy and Related Long-Term Financing; Shares Dip

By Midnight Trader,  December 07, 2012, 01:58:26 PM EDT

Inergy Midstream L.P. ( NRGM ) and the owner of its general partner, Inergy L.P. ( NRGY ), announced today that NRGM has acquired Rangeland Energy LLC for approximately $425 million. Rangeland owns and operates the COLT crude oil rail terminal, storage and pipeline facilities.

NRGM also announced that it has completed the long-term debt and equity financing associated with the COLT Hub acquisition with the private placement of $225 million of NRGM common units and $500 million in senior unsecured notes due 2020. The remaining net proceeds from these offerings were used to repay borrowings under the NRGM revolving credit facility.

NRGM is down 0.1% at $23.89 while NRGY shares are flat at $18.18.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: NRGM, NRGY



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