Inergy (NRGY) Prices 5M Common Unit Offering at $36.25/Unit

Inergy, L.P. (NASDAQ: NRGY) announced today that it has priced, in an underwritten public offering, 5,000,000 common units representing limited partner interests at $36.25 per unit.

Inergy, L.P. intends to use the net proceeds from this offering (and the net proceeds from any exercise of the underwriters' option to purchase additional common units) to repay outstanding indebtedness under its revolving general partnership credit facility, which was borrowed to fund the recent acquisitions of Liberty Propane, L.P. and MGS Corporation and to fund other capital expenditures in our midstream business. The offering was upsized to 5,000,000 units from the base offering of 4,500,000. UBS Investment Bank, BofA Merrill Lynch, Morgan Stanley, and Wells Fargo Securities served as joint bookrunning managers for the offering. The underwriters have been granted a 30-day option to purchase up to 750,000 additional common units to cover over-allotments, if any. The offering is expected to close on January 25, 2010.