Inergy Midstream to acquire COLT crude oil logistics hub for $425M

theflyonthewall.com

Inergy Midstream, L.P. (NRGM) and the owner of its general partner, Inergy, L.P. (NRGY), announced that Inergy Midstream has executed a definitive agreement to purchase Rangeland Energy, LLC, the owner and operator of the COLT crude oil rail terminal, storage, and pipeline facilities for $425M, subject to certain performance milestones and customary working capital adjustments. Inergy Midstream has entered into an agreement to sell $225M of common units in a private placement and has obtained committed unsecured debt financing to fund the balance of the acquisition purchase price. The transaction is expected to close in early December of 2012, subject to approval under the Hart-Scott-Rodino Act and other customary closing conditions.

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