Ferrellgas Announces Prepayment of Debt Maturities and Issuance of Equity to Reduce Borrowings
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OVERLAND PARK, Kan., Oct. 19 /PRNewswire-FirstCall/ -- Ferrellgas, L.P., the operating partnership of Ferrellgas Partners, L.P. (NYSE: FGP), today announced the anticipated prepayment of its outstanding $82,000,000 of 7.24% Senior Notes, Series D, due August 1, 2010 and its $70,000,000 of 7.42% Senior Notes, Series E, due August 1, 2013. In September, the partnership issued $300 million in aggregate principal amount of 9.125% Senior Notes due 2017 to fund these prepayments and to reduce borrowings outstanding on its senior unsecured revolving credit facility.
Last week, the partnership issued 1,058,454 common units representing limited partner interests in a registered direct offering to two institutional purchasers. The $20 million in equity proceeds raised from this offering were used to further reduce borrowings outstanding on the partnership's senior unsecured revolving credit facility.
"We continue to be focused on our near and long-term liquidity to support our business strategies," commented Ryan VanWinkle, Senior Vice President and Chief Financial Officer. "Through our recent capital transactions, we have addressed all existing debt maturities through 2011, while providing ourselves flexibility to continue to finance our anticipated growth opportunities." The partnership previously announced the refinancing of a $400 million working capital credit facility due 2012. This financing is anticipated to close later this month pending the satisfaction of standard closing conditions.
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., serves approximately one million customers in all 50 states, the District of Columbia and Puerto Rico. Ferrellgas employees indirectly own more than 20 million common units of the partnership through an employee stock ownership plan. More information about the partnership can be found online at www.ferrellgas.com.
Statements in this release concerning expectations for the future are forward-looking statements. A variety of known and unknown risks, uncertainties and other factors could cause results, performance and expectations to differ materially from anticipated results, performance and expectations. These risks, uncertainties and other factors are discussed in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2009, and other documents filed from time to time by these entities with the Securities and Exchange Commission.
Contact: Tom Colvin, Investor Relations, 913-661-1530
Jim Saladin, Media Relations, 913-661-1833
SOURCE Ferrellgas, L.P.
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