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Ferrellgas, L.P. Announces Cash Tender Offer And Consent Solicitation For Any And All Of Its 9.125% Senior Notes Due 2017

Stocks in this article: FGP

OVERLAND PARK, Kan., Oct. 21, 2013 /PRNewswire/ -- Ferrellgas, L.P. (the "Company") announced today that it has commenced a cash tender offer to purchase any and all of its outstanding 9.125% Senior Notes due 2017 issued by the Company and Ferrellgas Finance Corp. (the "Notes") (CUSIP No. 315292AJ1), of which $300,000,000 in aggregate principal amount was outstanding as of October 21, 2013.  The Company is also soliciting consents ("Consents") from the registered holders of the Notes to certain proposed amendments to the indenture governing the Notes, including the elimination of substantially all of the restrictive covenants, certain events of default and certain other provisions.  The tender offer and consent solicitation are described in detail in an Offer to Purchase and Consent Solicitation Statement dated today (the "Statement").

The tender offer is scheduled to expire at 11:59 p.m., New York City time, on November 18, 2013, unless extended or earlier terminated.  The total consideration for each $1,000 principal amount of Notes tendered and accepted for payment will be $1,050.63, which includes the consent payment of $30.00 per $1,000 principal amount of notes.  In order to receive the total consideration, holders of Notes must tender and not withdraw their Notes and deliver and not revoke their corresponding Consents on or prior to the consent deadline, which is 5:00 p.m., New York City time, on November 1, 2013, unless extended or earlier terminated.  Holders of Notes who tender their Notes after the consent deadline and on or before the expiration date will only receive the tender offer consideration of $1,020.63 per $1,000 principal amount of Notes, which is the total consideration minus the consent payment. 

In addition to the total consideration or the tender offer consideration, as applicable, holders of Notes tendered and accepted for payment will receive accrued and unpaid interest on the Notes from the last interest payment date for the Notes to, but not including, the applicable settlement date.

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