Inergy Midstream, L.P. NRGM (“Inergy Midstream”) and the owner of its
general partner, Inergy, L.P. NRGY (“Inergy”), announced today that
Inergy Midstream has completed the previously announced acquisition of
Rangeland Energy, LLC (“Rangeland”), the owner and operator of the COLT crude
oil rail terminal, storage, and pipeline facilities (the “COLT Hub”) for
approximately $425 million, subject to certain performance milestones and
customary working capital adjustments. The COLT Hub acquisition is an
expansion of Inergy Midstream's shale-focused infrastructure portfolio and a
natural extension of Inergy's refinery and producer-services businesses.
Additionally, the COLT Hub has a first-mover advantage in the Bakken and could
lead to incremental crude oil and NGL investments.
Inergy Midstream also announced today 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 Inergy Midstream 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 Inergy Midstream revolving
credit facility.
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