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AmeriGas wrap tenders for 7% notes due 2022 in oversubscribed offer
By Susanna Moon
Chicago, Dec. 28 – AmeriGas Partners, LP said holders had tendered $799.1 million principal amount of its 7% senior notes due 2022 as of 5 p.m. ET on Dec. 27, the early tender date.
AmeriGas accepted for purchase $499.97 million of the tendered notes using a proration factor of 62.7%, according to a company notice.
As announced Dec. 13, the company was tendering for up to $500 million principal amount of the $980,844,000 outstanding notes issued by wholly owned subsidiaries AmeriGas Finance, LLC and AmeriGas Finance Corp.
The total purchase price will be $1,057.50 for each $1,000 principal amount of notes, which includes an early tender premium of $30.00 per $1,000 principal amount.
The tender offer was set to end at 11:59 p.m. ET on Jan. 11 but no more notes will be accepted for purchase in the offer because it has been oversubscribed as of the early deadline.
Tendered notes may no longer be withdrawn, as of the early deadline.
The company will pay accrued interest up to but excluding the payment date, which was expected to be Dec. 28 for the early tendered notes.
The tender was contingent on AmeriGas obtaining enough proceeds from a public offering of debt to fund the offer, which has now been satisfied.
AmeriGas Partners and AmeriGas Finance closed an issue of $700 million principal amount of 5˝% senior notes due 2025. Remaining proceeds will be used to reduce AmeriGas Partners’ and its subsidiaries’ remaining debt from time to time and for general business purposes, the company said.
The company previously said it reserved the right to increase the offer cap.
Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760) is the dealer manager. D.F. King & Co., Inc. (800 967-5074 or 212 269-5550) is the information agent.
AmeriGas is a Valley Forge, Pa., retail marketer of propane.
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