Inergy offers 4.5M shares (Kansas City)

Inergy LP has begun a public offering of 4.5 million common shares, the company said Tuesday.

Kansas City-based Inergy (Nasdaq: NRGY), a propane retailer, did not set a price, though it pointed out that its shares closed Friday at $36.63, which would make the offering worth roughly $164.8 million. The company plans to use the proceeds to pay off debt used to finance its $223 million purchase of Overland Park-based Liberty Propane LP and its pending purchase of MGS Corp., as well as to pay for capital spending in its midstream business.

Read the full report in the Kansas City Business Journal

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