Agenda Opening Remarks Retail Propane Transaction Overview Distribution Discussion 3
Retail Propane Transaction Overview 4
Retail Propane Transaction Overview NRGY selling retail propane operations to Suburban Propane Partners, L.P. (SPH) for 1.8 billion 1.2 billion private bond exchange(a) 600 million of SPH units (13.7 million units ultimately…
Transaction Structure(a) Bank Debt Common Public Debt Common and Other(b) Unitholders (430MM) (1.2 B Sr. Notes) Unitholders 100% 100% SPH Unit Distribution SPH Common Units Inergy, L.P. (600MM) Suburban Propane (NYSE: NRGY)…
Pro Forma NRGY Structure(a) Total Common Debt(b) 25%(c) Unitholders (430MM) 600MM 100% Suburban Propane Partners, L.P. Inergy, L.P. (NYSE: NRGY) 75.2% + GP IDRs 100% Inergy Other Midstream, L.P. Operating…
Transaction Benefits Retail Propane Sale Accelerates Strategic Transformation of Inergy NRGY becomes a pure-play midstream MLP Completes the separation of the propane and midstream businesses initiated with the IPO of Inergy Midstream…
Pro Forma SPH Operations NRGY unitholders will have the ability to participate in the propane industry consolidation as holders of SPH units After the transaction, SPH will be the 3rd largest propane retailer in the U.S. Pro Forma…
NRGY Going Forward Inergy Midstream, L.P. Inergy, L.P. (NYSE: NRGM) (NYSE: NRGY) 75.2% Limited Partner Interest Natural Gas Storage Natural Gas Trans. + Incentive Distribution Rights 41 Bcf Capacity 905 MM cf/d Capacity Stagecoach…
NRGY Pro Forma Balance Sheet Inergy, L.P. Standalone December 31, 2011 As Further ( in millions) Actual As Adjusted Adjusted Cash .. 18.7 18.7 (a) Revolving general partnership credit facility .. 401.5 14.7 416.2 8 3/4% senior…
Next Steps File for Hart-Scott-Rodino clearance Prepare for transition of retail propane operations to SPH Close transaction following successful completion of SPH exchange offer and HSR approval 12
NRGY Distribution Discussion 13 Confidential Information
NRGY Distribution Inergy declared a quarterly distribution of 0.375 per common unit (1.50 annually) Distribution is based upon NRGYs normalized expectations for the current operating businesses including our retail propane business…
Committed to Generating Industry-Leading Returns to Our Investors 15
Loading...
