Ferrellgas amends $400 million revolver, extending maturity to 2016

By Angela McDaniels

Tacoma, Wash., Sept. 26 - Ferrellgas, LP extended the maturity date of its $400 million secured revolving credit facility to Sept. 23, 2016, according to the company's 10-K filing for the fiscal year ended July 31 filed with the Securities and Exchange Commission.

The initial interest rate following the amendment is Libor plus 275 basis points, and the commitment fee is 50 bps.

The margin over Libor ranges from 200 bps to 300 bps, and the commitment fee at any time is either 35 bps or 50 bps.

The new interest rates are lower than before by 125 bps to 150 bps.

As of July 31, the company had $129.5 million of borrowings outstanding under the facility, and the outstanding letters of credit totaled $47.5 million. The borrowings had a weighted average interest rate of 6.53%.

Bank of America, NA is the administrative agent.

The amendment was completed on Friday.

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

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