Ferrellgas closes on $400 million three-year secured revolving loan

By Sara Rosenberg

New York, Nov. 4 - Ferrellgas LP closed on its new $400 million three-year senior secured revolving credit facility, according to a news release.

Pricing on the revolver can range from Libor plus 350 basis points to 425 bps and there is a 50 bps commitment fee.

Financial covenants include consolidated funded senior secured debt to consolidated EBITDA of 2.50 to 1.00, consolidated EBITDA to consolidated interest charges of 2.50 to 1.00, and consolidated funded debt to consolidated EBITDA of 5.00 to 1.00.

Security is substantially all of the assets of the company, certain of its subsidiaries and Ferrellgas Inc., excluding assets that are subject to its receivables securitization facility, its equity interest in Ferrellgas Partners LP and equity interest in certain unrestricted subsidiaries.

Proceeds were used to replace the company's existing senior unsecured credit facility.

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

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