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AmeriGas accepts total tenders for $306.66 million of 7 1/8% notes
By Jennifer Chiou
New York, Aug. 24 - AmeriGas Partners, LP announced that it accepted tenders for $306.66 million, or 87.6%, of its $350 million of 7 1/8% senior notes due 2016, all of which was tendered by the 5 p.m. ET on Aug. 9 early deadline.
The tender offer expired at 11:59 p.m. ET on Aug. 23. It launched on July 27.
The company said that it will redeem the remaining $43.34 million of the notes at $1,035.63 for each $1,000 principal amount on Sept. 12. It will also pay accrued interest to the redemption date.
The company paid $1,038.13 per $1,000 principal amount of notes in the tender offer. This included a consent payment of $25.00 for each note.
Holders also received accrued interest up to but excluding the settlement date, which was Aug. 10.
AmeriGas already said that it obtained the needed consents to amend the indenture to eliminate substantially all of the restrictive covenants governing the notes and certain other provisions. The amendments were deemed effective upon acceptance of the notes.
Additionally, the company and AmeriGas Finance Corp. closed their $450 million offering of 6¼% senior notes due 2019.
The offer was conditioned on the receipt of tenders and consents for a majority of the outstanding notes by the consent date and the receipt of enough proceeds from a public offering of debt securities to fund the tender offer.
The redemption agent is U.S. Bank Corporate Trust Services (800 934-6802).
The coordinating dealer manager and solicitation agent was Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). J.P. Morgan Securities LLC and Wells Fargo Securities, LLC were co-dealer managers and solicitation agents. The information agent was D.F. King & Co., Inc. (800 848-2998 or 212 269-5550).
AmeriGas is a retail propane marketer based in Valley Forge, Pa.
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