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AmeriGas Partners gets consents needed to amend 7¼% series A, B notes
By Angela McDaniels
Tacoma, Wash., Jan. 20 - AmeriGas Partners, LP and AmeriGas Finance Corp. received enough consents to amend $1.1 million of outstanding 7¼% series A senior notes due 2015 and $413.9 million of outstanding 7¼% series B senior notes due 2015, according to a company news release.
Holders of about $327.9 million principal amount, or 79%, of the notes had tendered their notes with consents as of 5 p.m. ET on Jan. 19, the consent date.
The amendments have been executed. They eliminated substantially all of the restrictive covenants and some event-of-default provisions in the indenture and amended other provisions.
A tender offer for the notes began Jan. 5 and will expire at 11:59 p.m. ET on Feb. 2.
The companies have purchased the notes tendered by the consent date. These holders received $1,039.50 for each $1,000 principal amount of the notes, which includes a $30.00 consent payment, plus accrued interest.
Holders who tender their notes after the consent date but prior to the expiration date will receive $1,009.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date, which is expected to be Feb. 3.
Holders may not tender their notes without delivering consents and may not deliver consents without tendering notes.
The companies are using the proceeds from their $470 million issue of 6½% senior notes due 2021 to fund the tender offer.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) is the dealer manager and solicitation agent, and J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC are co-dealer managers and solicitation agents. D.F. King & Co., Inc. (800 848-2998 or 212 493-6996) is the information agent.
AmeriGas is a King of Prussia, Pa.-based retail propane distributor.
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