Inergy amends loan, lowering rate, pushing out maturity

By Sara Rosenberg

New York, Nov. 14 - Inergy LP amended its credit facility, lowering the interest rate, extending the maturity to Nov. 10, 2010 from Dec. 17, 2009 and increasing to $75 million the effective amount of working capital borrowings available through the use of the acquisition revolver, according to an 8-K filed with the Securities and Exchange Commission Monday.

Under the pricing grid, the interest rate on borrowings can now range from Libor plus 125 to 225 bps depending on leverage.

The amendment was completed on Nov. 7.

JPMorgan Chase Bank is the administrative agent on the deal.

Inergy is a Kansas City, Mo., retail marketer, seller and distributor of propane.

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