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Inergy holders tender needed consents to amend 6 7/8% notes, 8¼% notes
By Susanna Moon
Chicago, Feb. 2 - Inergy LP said holders had tendered 92.8% of its $425 million 6 7/8% senior notes due 2014 and 91.3% of its $400 million 8¼% senior notes due 2016 as of 5 p.m. ET on Feb. 1, the consent date.
The company planned to execute supplemental indentures on Feb. 2 that will eliminate most of the notes' covenants and default provisions. The supplemental indentures will become operative on the purchase date, which was expected to be Feb. 2 for the notes tendered so far.
The offer is conditioned on the closing Feb. 2 of Inergy's private placement of $750 million of 6 7/8% senior notes due 2021 and a $300 million term loan facility.
Holders also tendered $30,201,000 principal amount of the company's 8¾% senior notes due March 1, 2015 by the early tender deadline. Consents are not being solicited from these holders.
The company previously said that upon the completion of the pending redemption of $78.75 million of the 8¾% notes, $146.25 million is expected to be outstanding on Feb. 4.
For each $1,000 principal amount, Inergy will pay $1,025.42 for the 6 7/8% notes, $1,087.50 for the 8¾% notes and $1,045 for the 8¼% notes tendered by the consent deadline.
The total payments include $25.00 consent premiums for the 6 7/8% notes and 8¼% notes and a $30.00 early payment for the 8¾% notes.
The offer for the three series of notes will continue until 8 a.m. ET on Feb. 16. It began on Jan. 19.
Holders of the 6 7/8% notes and 8¼% notes may not tender their notes without delivering consents and vice versa.
Inergy also previously noted that it intends to redeem any remaining notes after completion of the tender offer.
Bank of America Merrill Lynch is the dealer manager (888 292-0070 or call collect 980 388-9217). D.F. King & Co., Inc. is the depositary and information agent (800 431-9643 or 212 269-5550 for banks and brokers).
Inergy is a Kansas City, Mo.-based energy infrastructure and distribution company.
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