Published on 4/11/2003 in the Prospect News High Yield Daily.
New Issue: AmeriGas $32 million add-on to 8 7/8% notes prices at 107 to yield 7.42%
By Paul A. Harris
St. Louis, April 11 - AmeriGas Partners, LP priced a $32 million add-on to its 8 7/8% senior notes due May 20, 2011 (B2/BB-) at 107 on Friday for a yield to worst of 7.42%, according to a syndicate source.
Credit Suisse First Boston was the bookrunner.
Proceeds will be used to repay debt.
The issuer, based in King of Prussia, Pa., is a retail propane marketer.
The deal was jointly issued with AmeriGas' AP Eagle Finance Corp. subsidiary.
| Issuers: | AmeriGas Partners, LP, AP Eagle Finance Corp.
|
| Amount: | $32 million
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| Security description: | Add-on to 8 7/8% senior notes due May 20, 2011
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| Bookrunner: | Credit Suisse First Boston
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| Maturity: | May 20, 2011
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| Coupon: | 8 7/8%
|
| Price: | 107
|
| Yield: | 7.42% (to May 20, 2009 call), 7.695% (to maturity)
|
| Spread: | 417 basis points
|
| Call Features: | Callable on May 20, 2006 | at 104.438, then at 102.958, 101.479, declining to par on May 20, 2009
|
| Equity clawback: | Until May 20, 2004 at 108.875% for up to 33%
|
| Settlement: | April 16, 2003 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Fitch: BB+
|
| Cusip: | 03073KAC5
|
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