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Ferrellgas to get $400 million three-year secured revolving facility
By Sara Rosenberg
New York, Sept. 9 - Ferrellgas LP has entered into agreements with several banks and other financial institutions for a new $400 million three-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
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 will be used to replace the company's existing senior unsecured credit facility.
The facility was executed into escrow on Tuesday and will be released pending certain closing conditions.
Ferrellgas is an Overland Park, Kan.-based distributor of propane and related equipment and supplies.
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