-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GvjDbKxBQCkBMQiVb1RougFLeh7XRgEofcPLh3sMxGpVnhFQOpTsb8LBlSt6IgQ4 2jfbCkPXrP5XKWe2h65JcA== 0001193125-10-208535.txt : 20100913 0001193125-10-208535.hdr.sgml : 20100913 20100913082712 ACCESSION NUMBER: 0001193125-10-208535 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100910 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100913 DATE AS OF CHANGE: 20100913 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INERGY L P CENTRAL INDEX KEY: 0001136352 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-NONSTORE RETAILERS [5960] IRS NUMBER: 431918951 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34664 FILM NUMBER: 101068176 BUSINESS ADDRESS: STREET 1: TWO BRUSH CREEK STREET 2: SUITE 200 CITY: KANSAS CITY STATE: MO ZIP: 64112 BUSINESS PHONE: 8168428181 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

September 13, 2010 (September 10, 2010)

Date of Report (Date of earliest event reported)

 

 

INERGY, L.P.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34664   43-1918951

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

Two Brush Creek Boulevard, Suite 200

Kansas City, Missouri 64112

(Address of principal executive offices)

(816) 842-8181

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

On September 10, 2010, Inergy, L.P. (the “Company”) obtained the required lender (as defined in the Credit Agreement) approval to amend (the “Amendment”) its Credit Agreement dated November 24, 2009 (the “Credit Agreement”) with the lenders that are parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A. and Wells Fargo Bank, N.A., as co-syndication agents, and Bank of Oklahoma, N.A., as documentation agent. The Amendment, with an effective date of September 3, 2010, modifies certain terms and covenants to allow for the Bridge Facility (as defined below) and permanent financing plan associated with the Tres Palacios Acquisition (as defined below). The foregoing is a summary of the Amendment, and does not purport to be a complete discussion of the document. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the Amendment annexed to this Form 8-K as Exhibit 10.1.

A copy of the Credit Agreement was filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by the Company for the period ended March 31, 2010.

On September 3, 2010, the Company’s wholly owned subsidiary, Inergy Midstream, LLC, entered a Purchase and Sale Agreement with TP Gas Holdings LLC (“Purchase and Sale Agreement”) whereby Inergy Midstream, LLC will acquire all of the equity interests in Tres Palacios Gas Storage LLC (“Tres Palacios”) for $725 million in cash plus reimbursement of certain capital expenditures, subject to customary net working capital adjustments (the “Tres Palacios Acquisition”). The description of the Purchase and Sale Agreement above does not purport to be complete and is qualified in its entirety by reference to the complete text of the Purchase and Sale Agreement, a copy of which is filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on September 7, 2010.

In connection with the Tres Palacios Acquisition, on September 3, 2010, the Company obtained a commitment letter (the “Bridge Commitment”) with WF Investment Holding, LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., JPMorgan Chase Bank, N.A. and J.P. Morgan Securities LLC for a senior unsecured bridge facility of up to $700 million (the “Bridge Facility”), which will expire upon the earlier of November 26, 2010 or the consummation or termination of the Purchase and Sale Agreement.

 

Item 8.01 Other Events

On September 13, 2010, the Company and Inergy Finance Corp. issued a press release announcing that they intend to sell in a private placement to eligible purchasers $600 million in aggregate principal amount senior unsecured notes due 2018. A copy of the press release is included herewith as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit
Number

   

Description

10.1    Amendment No. 1, dated as of September 3, 2010, to Credit Agreement, dated as November 24, 2009, between Inergy, L.P. and JPMorgan Chase Bank, N.A.
99.1    Press Release dated September 13, 2010

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  INERGY, L.P.
  By:   INERGY GP, LLC,
    its Managing General Partner
Date: September 13, 2010   By:  

/s/ Laura L. Ozenberger

    Laura L. Ozenberger
    Senior Vice President, General Counsel and Secretary

Exhibit Index

 

Exhibit
Number

   

Description

10.1    Amendment No. 1, dated as of September 3, 2010, to Credit Agreement, dated as November 24, 2009, between Inergy, L.P. and JPMorgan Chase Bank, N.A.
99.1    Press Release dated September 13, 2010
 EX-10.1 2 dex101.htm AMENDMENT NO. 1, DATED AS OF SEPTEMBER 3, 2010, TO CREDIT AGREEMENT Amendment No. 1, dated as of September 3, 2010, to Credit Agreement

Exhibit 10.1

AMENDMENT NO. 1

Dated as of September 3, 2010

to

CREDIT AGREEMENT

Dated as of November 24, 2009

THIS AMENDMENT NO. 1 (this “Amendment”) is dated as of September 3, 2010 by and among Inergy, L.P. (the “Borrower”), the financial institutions listed on the signature pages hereof (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated as of November 24, 2009 by and among the Borrower, the Lenders, the Co-Syndication Agents party thereto, the Documentation Agent party thereto and the Administrative Agent (as amended, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS, the Borrower has requested certain modifications be made to the Credit Agreement; and

WHEREAS, the Borrower, the Lenders party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent have agreed to the following amendment to the Credit Agreement.

1. Amendments to Credit Agreement. Effective as of the date first written above (the “Effective Date”) but subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows:

(a) The definition of “Mortgage and Vehicle Title Requirement” set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

“Mortgage and Vehicle Title Requirement” means the requirement that the Credit Parties shall have granted to the Administrative Agent a perfected Lien on (a) at least seventy-five percent (75%) of the aggregate book value of all Fee Owned Real Property (excluding any Fee Owned Real Property located in the State of New York), as determined by the Administrative Agent in its reasonable discretion and (b) at least fifty percent (50%) of the aggregate book value of all motor vehicles, as determined by the Administrative Agent in its reasonable discretion.

(b) The definition of “Permitted Junior Debt” set forth in Section 1.01 of the Credit Agreement is hereby amended by replacing (i) “Effective Date” with “Maturity Date” and (ii) “Termination Date” with “Maturity Date”.

(c) Section 1.01 of the Credit Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical locations:

“Designated Period” means the period commencing on September 3, 2010 and ending on the earlier of:

(i) September 30, 2011; and

(ii) the date upon which the Borrower shall have received at least $300,000,000 in the aggregate of net cash proceeds from the issuance of Capital Stock from and after September 3, 2010.

“Required Total Leverage Ratio” means:

(i) if the Borrower has directly or indirectly acquired all of the equity interests of Tres Palacios Gas Storage LLC and its subsidiaries from TP Gas Holding LLC pursuant to the Purchase and Sale Agreement dated as of September 3, 2010 by and between TP Gas Holding LLC and Inergy Midstream, LLC:

(A) in the case of any fiscal quarter ending at any time on or before September 30, 2011, 5.75 to 1.00 (or, if the Borrower shall have received at least $300,000,000 in the aggregate of net cash proceeds from the issuance of Capital Stock from and after September 3, 2010, 5.25 to 1.00); and

(B) in the case of any other fiscal quarter, 4.75 to 1.0 (or, in the case of the first two fiscal quarters immediately following an Acquisition with a purchase price in excess of $150,000,000, 5.25 to 1.00); and

(ii) if the Borrower has not directly or indirectly acquired all of the equity interests of Tres Palacios Gas Storage LLC and its subsidiaries from TP Gas Holding LLC pursuant to the Purchase and Sale Agreement dated as of September 3, 2010 by and between TP Gas Holding LLC and Inergy Midstream, LLC, 4.75 to 1.0 (or, in the case of the first two fiscal quarters immediately following an Acquisition with a purchase price in excess of $150,000,000, 5.25 to 1.00).

(d) Section 6.08 of the Credit Agreement is hereby amended by replacing “create, incur or permit to exist” with “grant in favor of the Administrative Agent for the benefit of the Holders of Secured Obligations”.

(e) Section 6.12(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(a) Maximum Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio, determined as of the end of each of its fiscal quarters ending after the Effective Date for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter, to be greater than the Required Total Leverage Ratio.

(f) Section 6.12(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

(c) Minimum Interest Coverage Ratio. The Borrower will not permit the Interest Coverage Ratio, determined as of the end of each of its fiscal quarters ending after the Effective Date for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter, to be less than (i) in the case of any fiscal quarter ending at any

 

2

time during the Designated Period, 2.25 to 1.00 and (ii) in the case of any other fiscal quarter, 2.50 to 1.0.

(g) The first sentence of Section 6.13 of the Credit Agreement is hereby amended by inserting “other than with proceeds of any offering of Capital Stock or other Permitted Junior Debt” at the end of such sentence.

2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received the following:

(a) counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent;

(b) counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Subsidiary Guarantors; and

(c) for the account of each Lender that executes and delivers a counterpart to this Amendment to the Administrative Agent by such time as is requested by the Administrative Agent, an amendment fee in an amount equal to 0.125% of such Lender’s Commitment.

3. Representations and Warranties and Covenants of the Borrower. The Borrower hereby represents and warrants as follows:

(a) This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms.

(b) As of the date hereof and giving effect to the terms of this Amendment, (i) there exists no Default or Event of Default and (ii) the representations and warranties contained in Article III of the Credit Agreement, as amended hereby, are true and correct, except for representations and warranties made with reference solely to an earlier date in which case such representations and warranties shall be true and correct as of such earlier date.

4. Reference to and Effect on the Credit Agreement.

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Credit Document shall mean and be a reference to the Credit Agreement as amended hereby.

(b) Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

(c) Except as provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

5. Governing Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York, but giving effect to federal laws applicable to national banks.

 

3

6. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

7. Counterparts. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

[Signature Pages Follow]

 

4

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

INERGY, L.P., as the Borrower
By:   INERGY GP, LLC, its managing general partner
By  

/s/ R. Brooks Sherman, Jr.

Name: R. Brooks Sherman, Jr.

Title: Executive Vice President and

Chief Financial Officer

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

JPMORGAN CHASE BANK, N.A., as a Lender and as Administrative Agent
By:  

/s/ Preeti Bhatnagar

Name: Preeti Bhatnagar
Title: Associate

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

BANK OF AMERICA, N.A., as a Lender
By:  

/s/ Christen A. Lacey

Name: Christen A. Lacey
Title: Senior Vice President

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

WELLS FARGO BANK, N.A., as a Lender
By:  

/s/ Jason Hicks

Name: Jason Hicks
Title: Director

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

BANK OF OKLAHOMA, N.A., as a Lender
By:  

/s/ Jason B. Webb

Name: Jason B. Webb
Title: Vice President

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

BARCLAYS BANK PLC, as a Lender
By:  

/s/ Ann E. Sutton

Name: Ann E. Sutton
Title: Director

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (fka, CREDIT SUISSE, CAYMAN ISLANDS BRANCH), as a Lender
By:  

/s/ Mikhail Faybusovich

Name: Mikhail Faybusovich
Title: Vice President
By:  

/s/ Vipul Dhadda

Name: Vipul Dhadda
Title: Associate

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

SUNTRUST BANK, as a Lender
By:  

/s/ Andrew Johnson

Name: Andrew Johnson
Title: Director

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

CITIBANK, N.A., as a Lender
By:  

/s/ Todd J. Mogil

Name: Todd J. Mogil
Title: Vice President

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

COMMERCE BANK, as a Lender
By:  

/s/ C.T. Young

Name: C.T. Young
Title: Senior Vice President

 

Signature Page to Amendment No. 1

Inergy, L.P.

Credit Agreement dated as of November 24, 2009

EXHIBIT A

CONSENT AND REAFFIRMATION

September 10, 2010

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Credit Agreement dated as of November 24, 2009 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Inergy, L.P. (the “Borrower”), the financial institutions from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., in its individual capacity as a Lender and in its capacity as contractual representative (the “Administrative Agent”), which Amendment No. 1 is dated as of September 3, 2010 (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Subsidiary Guaranty, the Pledge and Security Agreement and any other Credit Document executed by it and acknowledges and agrees that such agreement and each and every such Credit Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated.

[signature page follows]

IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year first above written.

 

ARLINGTON STORAGE COMPANY, LLC     FINGER LAKES LPG STORAGE, LLC
By:  

/s/ R. Brooks Sherman, Jr.

     By:  

/s/ R. Brooks Sherman, Jr.

Name: R. Brooks Sherman     Name: R. Brooks Sherman
Title: Executive Vice President – CFO     Title: Executive Vice President – CFO
INERGY GAS MARKETING, LLC     INERGY PROPANE, LLC
By:  

/s/ R. Brooks Sherman, Jr.

     By:  

/s/ R. Brooks Sherman, Jr.

Name: R. Brooks Sherman     Name: R. Brooks Sherman
Title: Executive Vice President – CFO     Title: Executive Vice President – CFO
INERGY STORAGE, INC.     L & L TRANSPORTATION, LLC
By:  

/s/ R. Brooks Sherman, Jr.

     By:  

/s/ R. Brooks Sherman, Jr.

Name: R. Brooks Sherman     Name: R. Brooks Sherman
Title: Executive Vice President – CFO     Title: Executive Vice President – CFO
US SALT, LLC     INERGY TRANSPORTATION, LLC
By:  

/s/ R. Brooks Sherman, Jr.

     By:  

/s/ R. Brooks Sherman, Jr.

Name: R. Brooks Sherman     Name: R. Brooks Sherman
Title: Executive Vice President – CFO     Title: Executive Vice President – CFO
STELLAR PROPANE SERVICE, LLC      
By:  

/s/ R. Brooks Sherman, Jr.

      
Name: R. Brooks Sherman      
Title: Executive Vice President – CFO      

 

2

EX-99.1 3 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

 

   For more information:
   Mike Campbell, 816-842-8181
FOR IMMEDIATE RELEASE    investorrelations@inergyservices.com

Inergy, L.P. Announces $600 Million Private

Placement of Senior Notes Due 2018

Kansas City, MO (September 13, 2010) – Inergy, L.P. (NYSE:NRGY) and its wholly-owned subsidiary Inergy Finance Corp. announced today, subject to market conditions, that they intend to sell in a private placement under Rule 144A to eligible purchasers $600 million in aggregate principal amount of senior unsecured notes due 2018.

Inergy, L.P. intends to use the net proceeds from this offering to fund part of the consideration for the Tres Palacios acquisition. Pending such use, the net proceeds of the notes will be placed in an escrow account. If the acquisition is not closed by December 31, 2010, the notes will be redeemed at 100% of the principal amount.

The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

This press release includes statements regarding the offering that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in Inergy, L.P.’s annual report on Form 10-K and other reports filed by Inergy, L.P. from time to time with the SEC. Inergy, L.P. undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

###

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