Inergy Midstream Prices Public Offering Of 11.00 Mln Units At $22.50/unit

(RTTNews) - Inergy Midstream L.P. (NRGM) announced that it has priced an underwritten public offering of 11.00 million common units representing limited partner interests at $22.50 per common unit.

The company noted that it has also granted the underwriters a 30-day option to purchase up to 1,650,000 additional common units. The offering is expected to close on September 13, 2013, subject to customary closing conditions.

The firm noted that it intends to use the net proceeds from this offering (and the net proceeds from any exercise of the underwriters' option to purchase additional common units) to repay borrowings under its revolving credit facility, with the remaining net proceeds to be used for ongoing expansion projects in its midstream business and for general partnership purposes.