Ferrellgas to repay bank facility with proceeds of 1.95 million common unit offering

By Jennifer Chiou

New York, June 10 - Ferrellgas Partners, LP announced it will use proceeds of a 1.95 million common unit offering to reduce borrowings outstanding under the bank credit facility of its operating partnership, Ferrellgas, LP, according to an 8-K filing Friday with the Securities and Exchange Commission.

The unit sale is expected to close Wednesday.

The deal has a greenshoe of 292,500 units.

Proceeds are expected to be $39.6 million.

Ferrell Cos., Inc., the parent company of the general partner of Ferrellgas Partners, has agreed to purchase 0.385 million units from the underwriter, at which point Ferrell will hold 18,435,773 units.

Additionally, Malcolm McQuilkin, Ferrellgas president of direct imports, has agreed to purchase 94,946 units.

Ferrellgas Partners is a Liberty, Mo.-based marketer of propane.

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