By Paul A. Harris
St. Louis, April 22 - AmeriGas Partners LP in conjunction with AP Eagle Finance Corp. priced a $28 million add-on to their 8 7/8% senior notes due May 20, 2011 (B2/BB-) at 109.375 on Thursday, according to a market source.
The pricing resulted in a 7.15% yield to maturity and a 6.024% yield to worst.
Credit Suisse First Boston ran the books for the off-the-shelf transaction.
The original $200 million issue priced on Aug. 16, 2001. The company also priced a $40 million add-on on May 3, 2002, an $88 million add-on on Nov. 22, 2002 and a $32 million add-on on April 11, 2003.
The issuer is a propane marketer based in Valley Forge, Pa.
Proceeds from the deal will be used to repay borrowings under the company's revolving credit facility.
| Issuer: | AmeriGas Partners LP/AP Eagle Finance Corp.
|
| Amount: | $28 million
|
| Security description: | Add-on to 8 7/8% senior notes
|
| Maturity: | May 20, 2011
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| Bookrunner: | Credit Suisse First Boston
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| Coupon: | 8 7/8%
|
| Price: | 109.375
|
| Yield to maturity: | 7.15%
|
| Yield to worst: | 6.024%
|
| Spread: | 381 basis points
|
| Call features: | Callable after May 20, 2006 at 104.438, 102.958, 101.479, par on or after May 20, 2009
|
| Equity clawback: | Until May 20, 2004 for 33% at 108.875
|
| Pricing date: | April 22
|
| Settlement date: | May 6, 2004 with accrued interest
|
| Ratings: | Moody's B2
|
| Standard & Poor's: BB-
|
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