Ferrellgas Partners, L.P. Announces Pricing of Private Placement of $175 Million of 8.625% Senior Notes Due 2020
January 24 2017 - 9:36PM
Ferrellgas Partners, L.P. (NYSE:FGP) and its wholly-owned
subsidiary Ferrellgas Partners Finance Corp. (together, the
“Issuers”) today announced the pricing of their previously
announced private placement of 8⅝% Senior Notes due 2020. The
size of the offering was increased from $150 million to $175
million aggregate principal amount of the notes, and the notes will
be issued at a price of 96.0% of par, plus accrued interest from
December 15, 2016. The offering is expected to close on
January 30, 2017, subject to customary closing conditions.
This offering constitutes a further issuance of
the Issuers’ 8⅝% Senior Notes due 2020 first issued on April 13,
2010, of which $182 million aggregate principal amount is
outstanding prior to the closing of this offering. The notes
offered in this offering will be treated as a single series with
the previously issued notes for all purposes under the indenture
governing the 8⅝% Senior Notes due 2020 but will have a separate
CUSIP number from that of the previously issued notes and therefore
will not be fungible at any time with the previously issued
notes.
Ferrellgas Partners, L.P. intends to use the net
proceeds from the offering to repay borrowings under its operating
partnership’s secured credit facility.
The securities to be sold have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any state securities laws and, absent such
registration, may not be offered or sold in the United States
except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state securities laws. The securities will be offered
and sold only to persons reasonably believed to be qualified
institutional buyers pursuant to Rule 144A under the Securities Act
and outside the United States to non-U.S. persons pursuant to
Regulation S under the Securities Act.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities
described herein, nor shall there be any offer or sale of these
securities in any jurisdiction in which such an offer or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Contacts:
Jack Herrold, Investor Relations – jackherrold@ferrellgas.com, 913-661-1851
Jim Saladin, Media Relations – jimsaladin@ferrellgas.com, 913-661-1833
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