Inergy obtains $525 million four-year revolving credit facility

By Sara Rosenberg

New York, Nov. 24 - Inergy LP closed on a new $525 million four-year senior secured revolving credit facility, according to a news release.

JPMorgan, Wells Fargo and Bank of America acted as the joint lead arrangers and bookrunners on the deal.

The facility consists of a $75 million working capital revolver and a $450 million general partnership revolver.

There is a $100 million accordion feature.

Proceeds were used to refinance the company's existing facility that was set to mature in November 2010 and are available for general partnership purposes, including the refinancing of existing debt, the financing of acquisitions and capital expenditures, and the financing of working capital needs.

The company currently has about $76 million outstanding under the new facility.

Inergy is a Kansas City, Mo.-based marketer, seller and distributor of propane.

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