Energy

Inergy Raising Cash (NRGY)

Inergy, L.P. (NASDAQ: NRGY) has announced an underwritten public offering of 4,000,000 common units.  As a reminder, these are L.P. units rather than shares.  The partnership intends to use the net proceeds to repay outstanding debt under its revolving working…

By Douglas A. McIntyre
Published March 23, 2009, 4:07pm ET · 1 min read

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Inergy, L.P. (NASDAQ: NRGY) has announced an underwritten public offering of 4,000,000 common units.  As a reminder, these are L.P. units rather than shares.  The partnership intends to use the net proceeds to repay outstanding debt under its revolving working capital credit facility and its revolving acquisition credit facility.  It noted that the amounts repaid may be reborrowed from time to time for acquisitions, growth capital, working capital, and general partnership purposes.

Wachovia, Barclays, Citi, and UBS are all listed as joint book-running managers.  The L.P. will also grant the underwriters the option to purchase up to 600,000 additional common units to cover over-allotments.

This offering would represent roughly $88 million based upon an adjusted trading price before commissions and other discounts.  The partnership’s market cap is about $1.2 billion.

Shares of the partnership closed up 1.4% at $23.31 in regular trading, but fell 5% to $22.09 in the after-hours session.  Its 52-week trading range is $12.38 to $29.49.

JON C. OGG

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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