Inergy Midstream, L.P. Declares Initial Quarterly Cash Distribution of $0.04/Share
The Board of Directors of NRGM GP, LLC, general partner of Inergy Midstream, L.P. (NYSE: NRGM), announced that it has declared a prorated cash distribution of $0.04 per limited partner unit for the quarter ended December 31, 2011. The $0.04 cash distribution per limited partner unit corresponds to an initial quarterly cash distribution of $0.37 per quarter ($1.48 annually) and represents the prorated distribution for the period of time from December 21, 2011, the closing of Inergy Midstream's initial public offering, through December 31, 2011, the end of its first fiscal quarter. The distribution will be paid on February 14, 2012, to unitholders of record as of February 7, 2012.
“Our business is performing as expected, and we are pleased to declare the first distribution to our new unitholders,” said John Sherman, President and CEO of Inergy Midstream. “Inergy Midstream's business is fee based and comprised of high-quality assets located on top of the Marcellus Shale and upstream of the premium demand market of the Northeast.”
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.