The Board of Directors of Inergy GP, LLC, general partner of Inergy, L.P. (NYSE:NRGY), announced that it has declared the company’s quarterly cash distribution of $0.29 per limited partner unit ($1.16 annually) for the quarter ended September 30, 2012. The distribution will be paid on November 14, 2012, to unitholders of record as of November 7, 2012.
On September 14, 2012, Inergy completed the distribution to unitholders of 14,058,418 Suburban Propane Partners, L.P. (NYSE:SPH) common units at a distribution rate of approximately 0.108. The SPH common units were received by Inergy as partial consideration for the contribution of its retail propane operations to SPH. As a result, Inergy has adjusted its annualized distribution from $1.50 to the current rate of $1.16 to reflect the distribution of the SPH common units to Inergy unitholders. SPH’s current annualized distribution is $3.41 per SPH unit. Inergy investors who received – and continue to own – the SPH common units distributed receive total annualized cash distributions of approximately $1.53 per Inergy unit, consisting of the $1.16 paid by Inergy and approximately $0.368 per Inergy unit paid by SPH directly to unit holders.
Inergy, L.P., headquartered in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy’s operations include a natural gas storage business in Texas and an NGL supply logistics and marketing business that serves customers in the United States and Canada.