Inergy $400 million 10-year notes talked to yield 6¾% area, to price late Friday

By Paul A. Harris

St. Louis, Dec. 16 - Price talk on Inergy LP/Inergy Finance Corp.'s $400 million offering of 10-year senior notes (B1) emerged Thursday in the 6¾% area, according to a market source.

Pricing is expected late Friday.

The notes will be non-callable for five years.

Lehman Brothers and JP Morgan are joint bookrunners for the Rule 144A/Regulation S issue. Wachovia Securities is the co-manager.

Proceeds will be used to help fund the $475 million acquisition of Star Gas Partners' propane operations.

The prospective issuer is a Kansas City, Mo.-based retail and wholesale propane distribution company.

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