AmeriGas Partners Announces Tender Offer Results And Closing Of $700 Million Senior Note Offering

AmeriGas Partners, L.P. (NYSE: APU) ("AmeriGas Partners") announced today that as of 5:00 p.m. New York City time on December 27, 2016 (the "Early Participation Date"), holders of the outstanding 7.00% Senior Notes due 2022 issued by its wholly owned subsidiaries, AmeriGas Finance LLC and AmeriGas Finance Corp. ("AmeriGas Finance") (the "Notes") had validly tendered approximately $799.1 million in aggregate principal amount of the Notes in connection with AmeriGas Partners' offer to purchase for cash up to $500 million aggregate principal amount of the Notes (the "Tender Offer"), which AmeriGas Partners commenced on December 13, 2016.

As a result of the oversubscription of the Tender Offer, AmeriGas Partners has accepted for purchase tendered Notes on a prorated basis in the manner described in AmeriGas Partners' Offer to Purchase dated December 13, 2016. The following table sets forth the outstanding principal amount of Notes, the principal amount that had been tendered and not withdrawn as of the Early Participation Date, the principal amount accepted for purchase and the approximate proration factor:


Title of Security

Outstanding Principal Amount

Tender Cap

Aggregate Principal Amount Tendered and not Withdrawn

Aggregate Principal Amount Accepted for Purchase

Approximate Proration Factor

03077JAB6 /US03077JAB61

7.00% SeniorNotes Due2022
$980,844,000 $500,000,000 $799,139,000 $499,970,000 62.7%

Total consideration of $1,057.50 for each $1,000 principal amount of Notes, plus accrued and unpaid interest, is expected to be paid today, December 28, 2016 to the holders of Notes tendered and accepted for purchase (the "Total Consideration"). The Total Consideration includes an early participation payment of $30.00 per $1,000 principal amount of Notes accepted for purchase. As a result of the oversubscription of the Tender Offer, AmeriGas Partners will purchase Notes validly tendered as of the Early Participation Date using the approximate proration factor of 62.7%. No additional Notes tendered will be accepted under the terms of the Tender Offer. AmeriGas Partners expects to return any Notes tendered but not accepted for payment promptly after the Early Participation Date.

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