OVERLAND PARK, Kan., April 08, 2020 (GLOBE NEWSWIRE) -- Ferrellgas, L.P. (the “Company”) and its wholly-owned subsidiary Ferrellgas Finance Corp. (together, the “Issuers”) announced the pricing of their previously announced offering of $575 million aggregate principal amount of 10.000% Senior Secured First Lien Notes due 2025 (the “Notes”) at an offering price equal to 100% of the principal thereof. The Notes will be senior secured first lien obligations of the Issuers and will be guaranteed on a senior secured first lien basis by Ferrellgas Partners, L.P., Ferrellgas, Inc. and each existing and future subsidiary of the Company, subject to certain exceptions. The Issuers intend to use a portion of the net proceeds received from the offering of the Notes to repay all of the outstanding indebtedness under the Company’s existing senior secured credit facility, which will be terminated upon completion of the offering, and to cash collateralize all of the letters of credit outstanding under the existing senior secured credit facility, and the remainder for general corporate purposes. The offering is expected to close on April 16, 2020, subject to customary closing conditions.
FERRELLGAS, L.P. ANNOUNCES PRICING OF $575 MILLION OF 10.000% SENIOR SECURED FIRST LIEN NOTES DUE 2025
Apr 08, 2020
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