Not a bad move IMO. These moves down with secondary offerings are usually quickly recovered by most MLP's. And this one, to repay debt that is substantially above today's rates, is a good move for the long haul. It'll save many $$$ in the long term in debt service.
I guess. Here is the pertinent part of the release:
"...to Inergy unitholders of record on the record date (as described below) of 56,398,707 common units of Inergy Midstream, L.P. (NRGM) (NRGM) held by Inergy. Payment of the special distribution is contingent on the satisfaction or waiver of all closing conditions under the contribution agreement.
The Board declared a record date of June 14, 2013 for the distribution of the NRGM units. The distribution of the NRGM common units is expected to be approximately 0.4321 NRGM common units for each Inergy limited partner unit outstanding on the record date. The distribution of the NRGM common units is expected to occur after the market closes on June 18, 2013 (the “Distribution Date”). "
NRGM is currently trading at about $23. That equates to about $9.9 of NRGM units (.4321 times $23) to each NRGY unit. What am I missing that NRGY is only up $1.93 today?