AmeriGas to sell $1.55 billion senior notes in two parts on Thursday

By Paul A. Harris

Portland, Ore., Jan. 4 - AmeriGas Finance LLC and AmeriGas Finance Corp. will host an investor conference call at 10:30 a.m. ET on Thursday for a $1.55 billion two-part offering of senior notes, according to an informed source.

The deal is set to price on Thursday afternoon.

The offering is comprised of tranches of notes maturing on May 20, 2020 and May 20, 2022. The eight-year notes come with four years of call protection, and the 10-year notes come with five years of call protection.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners for the notes, which have been registered with the Securities and Exchange Commission.

Both tranches of notes come with three-year 35% equity clawbacks and feature 101% poison puts.

Proceeds will be used to fund the acquisition of Heritage Propane and Titan Propane from Energy Transfer Partners, LP.

AmeriGas is a Valley Forge, Pa.-based retail propane marketer.

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