How is an investment in Inergy Holdings, L.P. different than an Investment in Inergy, L.P.?
Inergy, L.P.’s Common Units Inergy Holdings, L.P.’s Common Units Distributions During the now ended subordination period, Inergy, L.P. common units had a priority over other units to a minimum quarterly distribution from Inergy, L.P.’s distributable cash flow. In addition, during the subordination period, the common units carried arrearage rights, which were similar to cumulative rights on preferred stock. If the minimum quarterly distribution was not paid, Inergy, L.P. must pay all arrearages in addition to current minimum quarterly distribution before distributions are made on the subordinated units or the incentive distribution rights. Inergy Holdings, L.P. intends to pay unitholders quarterly distributions equal to the cash received from Inergy, L.P. distributions, less certain reserves for expenses and other uses of cash. The general partner does not have an economic interest in Inergy Holdings, L.P. and is not entitled to receive any distributions from Inergy Holdings, L.P., and
