By Paul A. Harris
St. Louis, Jan. 10 - AmeriGas Partners LP priced a quick-to-market $350 million issue of senior notes due May 20, 2016 (B1/BB-/BB+) at par on Tuesday to yield 7 1/8%, according to a market source.
The yield was at the wide end of the 7% to 7 1/8% price talk.
Citigroup, Credit Suisse First Boston and Wachovia Securities ran the books for the notes, which were sold in a public offering.
Proceeds will be used to finance the partnership's tender offer for its outstanding 10% senior notes due 2006 and to repay the series A and series C first mortgage notes and a bank term loan of its operating subsidiary, AmeriGas Propane, LP.
Valley Forge, Pa.-based AmeriGas Partners is the nation's largest retail propane marketer.
| Issuer: | AmeriGas Partners LP
|
| Amount: | $350 million
|
| Maturity: | May 20, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | Citigroup, Credit Suisse First Boston, Wachovia Securities
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| Spread: | 271 basis points
|
| First call: | Year five at 103.563
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: BB+
|
| Distribution: | SEC Registered
|
| Price talk: | 7%-7 1/8%
|
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