inergy midstream lp (8IY) Snapshot

Inergy Midstream, L.P. has received the requisite consents from holders of its 6.0% Senior Notes due 2020 in connection with its previously announced consent solicitation relating to the Notes. The Consents pertained to amending certain provisions of the indenture governing the Notes to modify the definition of "Change of Control" so that the consummation of any of the previously announced and pending transactions involving NRGM, Inergy, L.P., Crestwood Midstream Partners LP and Crestwood Holdings LLC and certain of their affiliates will not entitle holders of the Notes to require NRGM to repurchase their Notes. The consent solicitation expired at 5:00 p.m., New York City time, on, May 22, 2013. NRGM has been advised by Global Bondholder Services Corporation, as Information Agent, Tabulation Agent and Paying Agent in connection with the consent solicitation, that as of the Expiration Date, Consents were delivered and not revoked by holders of approximately $464.5 million in aggregate principal amount, or 92.9%, of the outstanding Notes, excluding any Notes owned by NRGM or any of its affiliates. As a result, NRGM and U.S. Bank National Association, as trustee under the Indenture, executed a supplemental indenture giving effect to the amendment of the Indenture, which will become operative upon payment of the consent fees immediately prior to the closing of Crestwood Holdings' and Crestwood Gas Services Holdings LLC's acquisition of the limited partnership interests of Inergy Holdings, L.P., the sole member of Inergy GP, LLC and general partner of Inergy. Consents delivered at or prior to the Expiration Date may not be withdrawn or revoked, except as required by law. Holders of the Notes who provided Consents will be eligible to receive a cash payment of $1.00 for each $1,000 principal amount of Notes for which the holder of record has validly delivered a Consent.

Inergy Midstream, L.P. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported revenue of $63.8 million against $46.9 million a year ago. Operating income was $11.8 million against $16.4 million a year ago. Net income available to partners was $3.2 million or $0.01 per basic and diluted share against $13.4 million or $0.18 per basic and diluted share a year ago. EBITDA was $37.7 million against $29.1 million a year ago. Adjusted EBITDA was $42.6 million against $30.0 million a year ago. Net cash provided by operating activities was $38.0 million against $36.3 million a year ago. For the six months, the company reported revenue of $114.2 million against $93.7 million a year ago. Operating income was $23.8 million against $34.0 million a year ago. Net income available to partners was $9.7 million or $0.07 per basic and diluted share against $14.9 million or $0.20 per basic and diluted share a year ago. EBITDA was $64.9 million against $58.7 million a year ago. Adjusted EBITDA was $75.6 million against $60.5 million a year ago. Net cash provided by operating activities was $60.2 million against $68.2 million a year ago.

Crestwood Midstream Partners LP, Crestwood Holdings LLC, Inergy LP and Inergy Midstream LP have signed definitive agreements to create a midstream partnership with a total enterprise value of about $7 billion. Crestwood Chairman, President and CEO Robert Phillips will lead Inergy LP after completion of the transactions and will serve as chairman, president and CEO of the combined entity. Until all of the transactions have closed, Crestwood Midstream and Inergy Midstream will continue to operate as separate, independent companies. The executive management team, which is expected to include senior executives from both companies, will be announced upon completion of the merger. The combined companies' newly constituted boards of directors will include representatives from both Crestwood and Inergy. Upon closing, Inergy Chairman and CEO John Sherman and President R. Brooks Sherman Jr. will step down from day-to-day management roles at the new partnership; however, both John Sherman and R. Brooks Sherman have elected to maintain 100% of their meaningful personal investment in the pro forma partnership. Additionally, John Sherman will continue to serve as a director on both the board of Inergy LP as well as the board of Inergy Midstream.