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


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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: NRGM , NRGY

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