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NRGY > SEC Filings for NRGY > Form 8-K on 1-Aug-2011All Recent SEC Filings

Show all filings for INERGY L P

Form 8-K for INERGY L P


1-Aug-2011

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation


Item 1.01 Entry into a Material Definitive Agreement.

On July 28, 2011, Inergy, L.P. (the "Partnership") entered into Amendment No. 1 (the "Amendment") with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, which amends the Partnership's existing amended and restated credit agreement, dated as of February 2, 2011 (the "Credit Agreement"). The Amendment, among other things, increases the Aggregate Revolving Commitment (as defined in the Credit Agreement) from $525 million to $700 million, and extends the Revolving Credit Maturity Date (as defined in the Credit Agreement) from November 22, 2013 to July 28, 2016.

Additionally, the Amendment reduces the interest rate on revolving credit borrowings. Thus, all borrowings under the revolving credit facility will now bear interest, at the Partnership's option, subject to certain limitations, at a rate equal to the following:

the alternate base rate, which is defined as the higher of (i) the federal funds rate plus 0.50%; (ii) JPMorgan Chase Bank, N.A.'s prime rate; or
(iii) the adjusted LIBOR plus 1%; plus a margin varying from .75% to 2.00%; or

the adjusted LIBOR, plus a margin varying from 1.75% to 3.00%.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.



Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.



Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

Exhibit
Number                                    Description

10.1         Amendment No. 1 to Amended and Restated Credit Agreement among Inergy,
             L.P., JPMorgan Chase Bank, N.A., as administrative agent, and the
             other lenders party thereto.


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