Houston, Texas - April 2, 2013 - Niska Gas Storage Partners LLC (NYSE: NKA) ("Niska" or the "Company") announced today the completion of an equity restructuring with affiliates of Carlyle/Riverstone Energy and Power Fund II and Carlyle/Riverstone Energy and Power Fund III (collectively the "Carlyle/Riverstone Funds"). In the restructuring, Niska's 33.8 million subordinated units and previous incentive distribution rights (all of which were owned by the Carlyle/Riverstone Funds) were combined into and restructured as a new class of Incentive Distribution Rights (referred to herein as the new IDRs). The equity restructuring, which does not require any further consents or approvals, is effective today. The transaction was unanimously approved by Niska's Board of Directors, on the unanimous approval and recommendation of its Conflicts Committee, which is composed solely of independent directors.
The restructuring permanently eliminates Niska's subordinated units and previous incentive distribution rights in return for the new IDRs. Prior to completion of the restructuring, Niska would have been required to pay the full minimum quarterly distribution of $0.35 per unit on the subordinated units (requiring additional distributions of approximately $12 million per quarter) prior to increasing the quarterly distribution on Niska's common units. Quarterly distributions on the subordinated units had been suspended since November 2011.
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