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Inergy Holdings Buying Arlington Storage

Propane supplier Inergy Holdings LP said Wednesday it is buying Arlington Storage Co., which is the majority owner of a New York-based natural gas storage plant.

Financial terms of the deal were not disclosed.

Arlington's Steuben Gas Storage Co. facility is currently connected to Dominion Gas Transmission's Woodhull line.

Inergy said it will fund the transaction, set to close in October, with borrowings from a revolving credit facility.

Inergy also plans to expand a salt cavern storage plant near Bath, N.Y., into natural gas storage service. The expansion and acquisition are expected to be financed with long-term capital.