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Inergy, L.P. Message Board

  • skynet2point0 skynet2point0 Apr 20, 2012 10:51 AM Flag

    4/20/12 Analyst Opinion

    20 April 2012, Credit Suisse

    Reiterate Outperform: We reiterate our OP rating on NRGY following the
    announcement of its amended credit agreement. In our view, the
    announcement is an incremental positive as it removes concerns
    surrounding the company’s liquidity. Furthermore, the amendment displays
    its lenders’ belief in the sustainability of NRGY’s underlying cash flows. We
    remain confident in our $1.40/unit distribution estimate and continue to
    believe the NRGY’s value will become apparent following the distribution cut.

    Amended Credit Agreement Relieves Liquidity Constraint: NRGY’s
    amended credit agreement enables the company to accelerate the
    deleveraging process. NRGY has the ability to raise ~$300mm in cash via
    the dropdown of US Salt (~$200mm) to Inergy Midstream (NRGM) and the
    sale of up to 5mm NRGM units (~$100mm). Furthermore, NRGY has the
    ability to use up to 50% of the proceeds of these potential sales to tender for
    a portion of its long-term debt (details on amendments inside).

    Reducing 2Q12 Estimates: We’ve reduced our 2Q12 estimates to reflect
    lower retail propane gallons sold owing to the warmer than forecast weather.
    Our estimates have changed as follows: EBITDA decreased $15mm (14.3%)
    to $90mm, DCF/unit decreased $0.11/unit (15.1%) to $0.64/unit and our
    distribution/unit estimate remains unchanged at $0.35/unit ($1.40/unit
    annualized).

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