Antargaz planning 150 million euros nine-year notes

By Paul Deckelman

New York, July 5 - Antargaz was heard by high yield market sources on Friday to be getting ready to bring a €150 million issue of nine-year senior notes to market via Deutsche Bank Securities Inc. and Credit Lyonnais.

The French propane and butane distributor is expected to begin a short roadshow for the deal on Monday, with pricing likely by Friday.

Antargaz formerly was a unit of French energy giant Total Fina ELF SA before it sold the company in 2001 to a consortium. Paribas Affaires Industrielles (PAI), a leading private equity fund manager in Europe, owns approximately 70% of Antargaz. UGI Corp., a Valley Forge, Pa.-based holding company with propane marketing, utility and energy marketing subsidiaries, including its 51%-owned AmeriGas Partners, LP, the largest U.S. retail propane marketer, owns 20% of Antargaz, while Medit Mediterranea GPL, a privately-held company engaged in the propane business in Italy, owns the remaining 10%.

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