AmeriGas buys $916.66 million of 6¼%, 6½%, 6¾% notes, calls remainder

By Angela McDaniels

Tacoma, Wash., June 27– AmeriGas Partners, LP announced the results of its tender offer for its $450 million of 6¼% senior notes due 2019, its $550 million of 6¾% senior notes due 2020 and its $270 million of 6½% senior notes due 2021 and issued a notice of redemption for all notes not purchased in the offer.

According to a company news release, holders tendered the following:

• $306,721,000 principal amount, or 68.16% (excluding tenders through guaranteed delivery procedures of $148,000), of the outstanding 6¼% notes;

• $406,467,000 principal amount, or 73.90% (excluding tenders through guaranteed delivery procedures of $4,942,000), of the outstanding 6¾% notes; and

• $203,476,000 principal amount, or 75.36% (excluding tenders through guaranteed delivery procedures of $400,000), of the outstanding 6½% notes.

In all, the company received tenders for $916,664,000, or 72.18%, of the $1.27 billion of notes, excluding tenders through guaranteed delivery procedures of $5,090,400.

Per $1,000 principal amount of notes, the company paid $1,023.25 for the 6¼% notes, $1,037.40 for the 6¾% notes and $1,036.00 for the 6½% notes.

Holders also received accrued interest up to but excluding the settlement date, June 27.

The tender offer began June 20 and ended at 5 p.m. ET on June 24.

AmeriGas will redeem the $143,279,000 of 6¼% notes, $143,533,000 of 6¾% notes and $66,525,000 of 6½% notes that were not purchased in the offer.

Per $1,000 principal amount, holders will receive $1,015.63 for the 6¼% notes, $1,033.75 for the 6¾% notes and $1,032.50 for the 6½% notes plus.

Holders will also receive accrued interest up to but excluding the redemption date, which will be July 27 for the 6¾% notes and the 6½% notes and Aug. 22 for the 6¼% notes.

The completion of the tender offer was subject to conditions that included the receipt of proceeds from a new debt financing. AmeriGas settled $675 million of 5 5/8% senior notes due 2024 and $675 million of 5 7/8% senior notes due 2026 on June 27 and has used or will use the proceeds to pay for the tendered notes and to redeem the remaining notes. Any remaining proceeds will be used for general corporate purposes.

BofA Merrill Lynch (888 292-0070 or 980 388-3646) was dealer manager. D.F. King & Co., Inc. (800 283-3192, 212 269-5550 or www.dfking.com/amerigas) was the depositary and information agent.

AmeriGas is a Valley Forge, Pa., retail marketer of propane.

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