Ferrellgas closes on new $500 million secured credit facility due 2018

By Jennifer Chiou

New York, Oct. 22 - Ferrellgas LP announced that it has closed on a new $500 million senior secured working capital credit facility due 2018.

According to a news release, the facility replaces the company's $400 million senior secured credit facility due 2016.

"We are very pleased with the successful refinancing of our working capital line of credit and believe it shows the strong support of our long-term strategic lenders," Ryan VanWinkle, executive vice president and chief financial officer, said in the release.

"Through this refinancing, we significantly improve our borrowing capacity to fund both our working capital and future growth needs in addition to improving upon our borrowing rate, which will reduce partnership interest expense going forward."

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

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