Ferrellgas to repay unsecured bank debt with common units proceeds

By Sara Rosenberg

New York, Oct. 13 - Ferrellgas Partners LP plans to repay borrowings under its unsecured credit facility that matures on April 22, 2010 using proceeds from the sale of common units, according to a 424B2 filed with the Securities and Exchange Commission on Tuesday.

The company is offering about 1 million common units and expects to receive roughly $20 million in proceeds.

As of Sept. 30, there was about $35.1 million outstanding under the facility.

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

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