New Issue: AmeriGas prices $470 million notes due May 2021 at par to yield 6½%

By Paul A. Harris

St. Louis, Jan. 5 - AmeriGas Partners, LP and AmeriGas Finance Corp. priced a $470 million issue of senior notes due May 20, 2021 (Ba3//BB+) at par to yield 6½% on Wednesday, according to informed sources.

The yield printed at the tight end of the 6½% to 6 5/8% price talk.

Credit Suisse Securities, J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities and Citigroup Global Markets Inc. were the joint bookrunners for the quick-to-market issue.

The Valley Forge, Pa.-based retail propane marketer will use the proceeds to fund the tender offer for its 7¼% senior notes due 2015 and to repay its revolver.

Issuers:	AmeriGas Partners, LP and AmeriGas Finance Corp.
Amount:	$470 million
Maturity:	May 20, 2021
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities, J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities, Citigroup Global Markets Inc.
Co-manager:	PNC Capital Markets
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	301 bps
Call features:	Callable on May 20, 2016 at 103.25, 102.167, 101.083, par on and after May 20, 2019
Equity clawback:	35% at 106.50 until May 20, 2014
Trade date:	Jan. 5
Settlement date:	Jan. 20
Ratings:	Moody's: Ba3
	Fitch: BB+
Distribution:	SEC registered
Price talk:	6½% to 6 5/8%
Marketing:	Quick to market

© 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.