Inergy Midstream Prices Initial Public Offering

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KANSAS CITY, Mo.--(BUSINESS WIRE)-- Inergy Midstream, L.P., a Delaware limited partnership (“Inergy Midstream”), announced today the pricing of its initial public offering of 16,000,000 common units representing limited partner interests at $17.00 per common unit. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 2,400,000 common units at the initial public offering price, less underwriting discounts. The common units are scheduled to begin trading on the New York Stock Exchange on December 16, 2011 under the symbol “NRGM.” The offering is expected to close on December 21, 2011, subject to customary closing conditions.

Inergy Midstream intends to use the estimated net proceeds of approximately $252.3 million from the initial public offering, along with borrowings of approximately $82.7 million under its revolving credit facility, to repay all of the $255 million of indebtedness assumed from its parent, Inergy, L.P. (NYSE: NRGY), and to fund an $80 million cash distribution to Inergy, L.P. for reimbursement of capital expenditures associated with Inergy Midstream’s assets prior to the initial public offering. The net proceeds from any exercise of the underwriters’ option to purchase additional common units will be distributed to Inergy, L.P.

Inergy Midstream was formed by Inergy, L.P. to own, operate, develop and acquire midstream energy assets. Upon completion of the offering, the public will own an approximate 21.5% limited partner interest in Inergy Midstream, or an approximate 24.8% limited partner interest if the underwriters exercise their over-allotment option in full. Inergy, L.P. will own an approximate 78.5% limited partner interest in Inergy Midstream, or an approximate 75.2% limited partner interest if the underwriters exercise their over-allotment option in full.

Morgan Stanley, Barclays Capital, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Wells Fargo Securities are acting as joint book-running managers for the offering. J.P. Morgan, RBC Capital Markets, Robert W. Baird & Co., Morgan Keegan and Stifel Nicolaus Weisel are acting as co-managers for the offering.

This offering of common units is being made only by means of a prospectus. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained from the offices of:

Morgan Stanley Attention: Prospectus Department 180 Varick Street, 2nd Floor New York, NY 10014 Telephone: +1-866-718-1649 Email: [email protected]					Barclays Capital c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: +1-888-603-5847 Email: [email protected]
BofA Merrill Lynch 4 World Financial CenterNew York, NY 10080Attention: Prospectus DepartmentEmail: [email protected]					Credit Suisse Securities (USA) LLC Attention: Prospectus Department One Madison Avenue New York, NY 10010 Telephone: (800) 221-1037 Email: [email protected]
Wells Fargo Securities 375 Park AvenueNew York, NY 10152Attention: Equity Syndicate Dept.Phone: 1 (800) 326-5897Email: [email protected]

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”). The registration statement is available on the SEC’s web site at http://www.sec.gov under the registrant’s name, “Inergy Midstream, L.P.” This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Inergy Midstream

Inergy Midstream, L.P., with headquarters in Kansas City, Missouri, is a master limited partnership engaged in the development and operation of natural gas and NGL storage and transportation assets. Our assets are located in the Northeast region of the United States.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve certain risks and uncertainties, including, among others, our business plans may change as circumstances warrant, our common units may not begin trading on the New York Stock Exchange as expected and the offering may not close as expected.

For more information, contact Mike Campbell in Inergy Midstream’s Investor Relations Department at 816-842-8181 or via e-mail at [email protected].

Inergy Midstream, L.P.Mike Campbell, 816-842-8181[email protected]

Source: Inergy Midstream, L.P.

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