AmeriGas Partners whispers $550 million 8.5-year bullet in 5¾% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Dec. 13 – AmeriGas Partners, LP and AmeriGas Finance Corp. plan to price a $550 million offering of 8.5-year senior bullet notes (expected ratings Ba3//BB) Tuesday afternoon, according to market sources.

An investor call was scheduled for noon ET.

Initial guidance has the public deal coming with a yield in the 5¾% area, a trader said.

Wells Fargo Securities LLC is the left bookrunner. J.P. Morgan Securities LLC is the joint bookrunner.

BofA Merrill Lynch, Citigroup Global Markets Inc., Citizens, Credit Suisse Securities (USA) LLC and PNC Capital Markets are the senior co-managers.

BB&T, BNY Mellon Capital Markets LLC, Santander and TD Securities (USA) LLC are the co-managers.

The notes, which will mature in 2025, feature a par call three months prior to maturity but are otherwise non-callable.

The Valley Forge, Pa.-based propane marketer plans to use the proceeds to repay a portion of its 7% senior notes due 2022 and to repay debt under its senior unsecured revolving credit facility.

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