Ferrellgas gets $150 million unsecured credit facility

By Sara Rosenberg

New York, May 4 - Ferrellgas LP closed on a new $150 million unsecured credit facility due Aug. 1, 2009, according to an 8-K filed with the Securities and Exchange Commission Friday.

Bank of America and JPMorgan acted as co-lead arrangers on the facility, with Bank of America the bookrunner.

Pricing on the deal can range from Libor plus 150 to 250 basis points, with the initial rate being Libor plus 200 bps. The commitment fee is initially 37.5 bps but can increase to 50 bps.

Proceeds from the facility, which was completed on May 1, are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness.

Ferrellgas is an Overland Park, Kan.-based distributor of propane and related equipment.

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