Inergy seeks OK to amend $500 million 6% notes in planned merger

By Susanna Moon

Chicago, May 14 - Inergy Midstream, LP said it began a consent solicitation for its $500 million of outstanding 6% senior notes due 2020.

The company is seeking to amend the notes to revise the definition of "change of control" so that it will not be required to redeem the 6% notes under the planned merger with Crestwood Midstream Partners LP and Crestwood Holdings LLC, according to a press release.

The consent payment will be $1.00 in cash for each $1,000 principal amount of notes if the company obtains the needed consents to amend the notes.

The consent solicitation will end at 5 p.m. ET on May 22.

The consent solicitation is conditioned on the company receiving consents from holders of at least a majority of the outstanding notes and the completion of Crestwood Holdings' acquisition of the general partner of Inergy, the release noted. Holders must be of record as of May 13.

Citigroup Global Markets Inc. (attn: liability management group, 800 558-3745 or collect 212 723-6106) and BofA Merrill Lynch (attn: debt advisory, 888 292-0070 or collect 980 387-3907) are the solicitation agents. Global Bondholder Services Corp. (866 488-1500, fax 212 430-3775 or banks and brokers 212 430-3774) is the information agent, tabulation agent and paying agent.

Inergy is a Kansas City, Mo.-based developer and operator of natural gas and NGL storage and transportation assets.

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