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AmeriGas Partners completes tender for 10% notes with 99.25% purchased
New York, Feb. 9 - AmeriGas Partners, LP said it completed its tender for its $60 million of 10% series D senior notes due April 15. The company bought an additional $30,000 on top of the $59.25 million tendered by the consent deadline for a total of $59.55 million or 99.25% of the notes.
At its previous announcement on Jan. 25, AmeriGas announced the response by the consent deadline, said it had sufficient consents to amend the indenture and fixed pricing, saying it will pay $980.68 per $1,000 principal amount. Holders who tendered by the consent deadline will receive a further $30.00 for a total of $1,010.68 per $1,000 principal amount.
The Valley Forge, Pa., propane distributor announced the tender on Jan .10 and said it was also soliciting consents to amendments to the notes' indenture to eliminate restrictive covenants and other provisions.
For each $1,000 principal amount of notes, AmeriGas said it will pay the present value of $1,000 - the amount payable on April 15 - and accrued interest up to and including the notes' maturity date, discounted using the yield to maturity of the 2.25% Treasury due April 30 and 50 basis points. The company said it will also pay accrued interest up to but excluding the payment date.
Those who tendered by the consent deadline at 5 p.m. ET on Jan. 24 will receive a $30.00 per $1,000 principal amount consent payment, which is included in the payout.
The offer expired at 5 p.m. ET on Feb. 8.
Credit Suisse (USA) LLC is dealer manager and solicitation agent (800 820-1653 or call collect 212 538-0652). D.F. King & Co., Inc. is the information agent (800 848-2998 or call collect 212 269-5550).
The offer was conditioned upon tenders from holders of a majority of the notes, the execution and delivery of a supplemental indenture and financing from a new debt issue to fund the offer.
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