By Paul A. Harris
St. Louis, April 13 - AmeriGas Partners LP/Finance Corp. priced an upsized $415 million issue of 10-year senior notes (B2/BB) at par to yield 7¼%, according to a syndicate source.
Price talk was in the 7% area.
Credit Suisse First Boston ran the books for the Rule 144A/Regulation S offering. Citigroup and Wachovia Securities were co-managers.
Proceeds will be used to fund tender offer for the company's $388 million of outstanding 8 7/8% series B senior notes due 2011.
The issue was upsized from $400 million.
AmeriGas is the largest retail propane distributor in the United States, with headquarters in Valley Forge, Pa.
| Issuer: | AmeriGas Partners LP/Finance Corp.
|
| Amount: | $415 million (increased from $400 million)
|
| Maturity: | May 20, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Co-managers: | Citigroup, Wachovia Securities
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 289 basis points
|
| Call features: | Callable after May 20, 2010 at 103.625, 102.417, 101.208, par on and after May 20, 2013
|
| Equity clawback: | Until May 20, 2008 for up to 35% at 107.25
|
| Trade date: | April 13
|
| Settlement date: | May 3
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB
|
| Price talk: | 7% area
|
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