Published on 11/22/2002 in the Prospect News High Yield Daily.
New Issue: AmeriGas $88 million add-on yields 8.166%
By Paul A. Harris
St. Louis, Nov. 22 - AmeriGas Partners, LP and AP Eagle Finance Corp. priced an $88 million add-on to their 8 7/8% senior notes due May 20, 2011 (Ba3/BB-) at 103.50 Friday for a yield to worst of 8.166%. Proceeds were $91.08 million.
Credit Suisse First Boston was the lead manager. Salomon Smith Barney was the co-manager.
The notes will be issued under Rule 144A and Regulation S.
Proceeds will be used to redeem the remaining $85.0 million of AmeriGas' 10 1/8% senior notes due 2007 at 102.25% of par.
The issuer is a King of Prussia, Pa. retail propane marketer.
| Issuer: | AmeriGas Partners, LP/AP Eagle Finance Corp.
|
| Amount: | $88 million |
|
| Proceeds: | $91.08 million
|
| Security Description: | Add-on to senior notes
|
| Bookrunner: | Credit Suisse First Boston
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| Co-manager: | Salomon Smith Barney
|
| Maturity: | May 20, 2011
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| Coupon: | 8 7/8% beginning May 2003
|
| Price: | 103.50
|
| Yield to worst: | 8.166%
|
| Yield to maturity: | 8.290%
|
| Spread: | 422 basis points over 5% Treasury due August 2011
|
| Call Features: | Callable on May 20, 2006 | at 104.438, then at 102.958, 101.479, declining to par on May 20, 2009
|
| Equity clawback: | Until May 20, 2004 at 108.875% for up to 33%
|
| Settlement date: | December 3, 2002 (T+6) with accrued interest from Nov. 20, 2002
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Rule 144A Cusip: | 03073KAD3
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