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Inergy $525 million revolver priced at Libor plus 300 basis points
By Sara Rosenberg
New York, Nov. 25 - Inergy LP's $525 million four-year senior secured revolving credit facility is initially priced at Libor plus 300 basis points with a 50 bps commitment fee, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
Pricing on the revolver can range from Libor plus 250 bps to Libor plus 375 bps, and the commitment fee can range from 50 bps to 62.5 bps, based on leverage.
Tranching on the deal is comprised of a $75 million working capital revolver and a $450 million general partnership revolver.
There is a $100 million accordion feature.
JPMorgan, Wells Fargo and Bank of America acted as the joint lead arrangers and bookrunners on the deal, which was completed on Tuesday.
Proceeds were used to refinance the company's existing facility that was set to mature in November 2010 and are available for general partnership purposes including the refinancing of existing debt, the financing of acquisitions and capital expenditures and the financing of working capital needs.
The company currently has approximately $76 million outstanding under the new facility.
Inergy is a Kansas City, Mo.-based marketer, seller and distributor of propane.
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