Ferrellgas accepts tenders for $233.76 million of 8¾% notes due 2012

By Devika Patel

Knoxville, Tenn., April 13 - Ferrellgas Partners LP said $233.76 million, or 87%, of its 8¾% senior notes due 2012 was tendered by the Monday early tender date and withdrawal date as part of the company's cash tender offer for all $268 million of the notes. The company accepted all of these notes and paid for them on Tuesday.

The offer began on March 30 and will expire at 11:59 p.m. ET on April 26.

Holders who tendered prior to the early tender date, 5 p.m. ET on Monday, received an early tender payment of $30.00 per $1,000 of notes for a total consideration of $1,014.58 per $1,000 of notes. Holders who tender their notes after the early tender date but prior to the expiration date will receive $984.58 per $1,000 of notes. The company will pay interest on the notes up to, but not including, the payment date.

The withdrawal date was 5 p.m. ET on Monday as well.

Wells Fargo Securities (866 309-6316 or 704 715-8341) and J.P. Morgan (800)245-8812) are the joint dealer managers for the offer; D.F. King & Co., Inc. (800 714-3313 or 212 269-5550) is the depositary and information agent.

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

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