AmeriGas planning $40 million add-on to notes due 2011

By Paul A. Harris

St. Louis, Mo., May 2 - AmeriGas Partners, LP is headed to the high yield market with a Rule 144A $40 million add-on to its 8 7/8% senior unsecured notes due May 20, 2011 (existing ratings Ba3/BB+), according to a market source who added that Credit Suisse First Boston is the bookrunner.

An official from that investment bank declined to comment.

The AmeriGas 8 7/8%s of 2011 are callable on May 20, 2006 at 104.438, at 102.958 in 2007, at 101.479 in 2008, and at par on May 20, 2009 and thereafter, according to the source who specified that they also contain an equity clawback until May 20, 2004 for 35% at 108.875

Proceeds will be used to repay the bank debt of its operating partnership, for working capital and for general corporate purposes.

The propane marketing company is headquartered in King of Prussia, Pa.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.