Ferrellgas (FGP) Anticipates Closing of $400M Credit Facility
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Ferrellgas, L.P., the operating partnership of Ferrellgas Partners, L.P. (NYSE: FGP), today announced the anticipated closing of its new $400 million senior secured working capital credit facility due 2012. The facility replaces the partnership's former senior unsecured credit facility due 2010.
"We are very pleased with the successful refinancing of our working capital line of credit and believe it shows the strong support of our long-term strategic lenders," commented Ryan VanWinkle, Senior Vice President and CFO. "Through our recent capital transactions, including the issuances totaling $90 million in equity proceeds in February and October 2009, respectively; and $300 million senior notes due 2017 issued in September 2009, we have addressed all existing debt maturities through 2011. Importantly, these transactions improve our liquidity to fund our business strategies, which are focused on profitable growth, both organically and through acquisitions."
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