AmeriGas Partners tenders for all $60 million 10% notes due 2006

By Jennifer Chiou

New York, Jan. 10 - AmeriGas Partners, LP announced the launch of a cash tender offer for all $60 million of its 10% series D senior notes due April 15.

The Valley Forge, Pa., propane distributor is also soliciting consents to amendments to the notes' indenture to eliminate restrictive covenants and other provisions.

For each $1,000 principal amount of notes, AmeriGas said it will pay the present value of $1,000 - the amount payable on April 15 - and accrued interest up to and including the notes' maturity date, discounted using the yield to maturity of the 2.25% Treasury due April 30 and 50 basis points. The company said it will also pay accrued interest up to but excluding the payment date.

Those who tender their holdings by the consent deadline at 5 p.m. ET on Jan. 24 will receive a $30.00 per $1,000 principal amount consent payment, which is included in the payout.

The offer expires at 5 p.m. ET on Feb. 8, unless extended.

Credit Suisse First Boston LLC is dealer manager and solicitation agent (800 820-1653 or call collect 212 538-0652). D.F. King & Co., Inc. is the information agent (800 848-2998 or call collect 212 269-5550).

The offer is conditioned upon tenders from holders of a majority of the notes, the execution and delivery of a supplemental indenture and financing from a new debt issue to fund the offer.

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