Ferrellgas gets tenders for $368.6 million of 6¾% notes so far

By Angela McDaniels

Tacoma, Wash., Nov. 24 - Ferrellgas, LP had received tenders for $368.6 million principal amount, or 81.91%, of the $450 million of 6¾% senior notes due 2014 issued by the company and Ferrellgas Finance Corp. as of 5 p.m. ET on Nov. 23, the early tender date.

These notes have been accepted for purchase, and the payment was made Nov. 24, according to a company news release.

The company also announced that it will redeem any notes that remain outstanding after the tender offer. The redemption price is 102.25 plus accrued interest, and the redemption date is Dec. 27.

The tender offer began Nov. 9 and will expire at 11:59 p.m. ET on Dec. 8.

The purchase price is $1,025.00 per $1,000 principal amount of notes, which includes an early tender payment of $2.50 for each note tendered by the early tender date.

The company is also paying accrued interest up to but excluding the applicable payment date.

The tender offer was conditioned on the closing of the company's offering of senior notes, the proceeds of which are being used to fund the purchase of the 6¾% notes.

J.P. Morgan (800 245-8812) and Wells Fargo Securities (866 309-6316 or 704 715-8341) are the joint dealer managers for the tender offer, and i-Deal LLC (888 593-9546 or 212 849-5000) is the depositary and information agent.

U.S. Bank NA (800 934-6802) is the note trustee.

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

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