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AmeriGas Partners holders tender $327.9 million 7¼% series A, B notes
By Angela McDaniels
Tacoma, Wash., Feb. 3 - AmeriGas Partners, LP received tenders for $327,901,000 principal amount, or 79.01%, of its 7¼% senior notes due 2015, according to a company news release.
All of the notes were tendered by the consent date, which was 5 p.m. ET on Jan. 19.
The tender offer and consent solicitation for the notes began Jan. 5 and expired at 11:59 p.m. ET on Feb. 2.
The company paid $1,039.50 for each $1,000 principal amount of the notes, which includes a $30.00 consent payment, plus accrued interest. The payment was made on Jan. 20.
Holders could not tender their notes without delivering consents and vice versa.
The consents received were enough to execute the proposed amendments to the indenture governing the notes. The amendments eliminated substantially all of the restrictive covenants and some event-of-default provisions and amended other provisions.
Proceeds from a $470 million issue of 6½% senior notes due 2021 were issued to fund the tender offer.
The notes were issued in two series. When the offer began, $1.1 million of the series A notes and $413.9 million of the series B notes were outstanding. Following the offer, $87,099,000 remains outstanding.
As previously reported, all of the remaining notes will be redeemed at 103.625 plus accrued interest on Feb. 22. The company will also redeem its $14.64 million of 8 7/8% series A senior notes due 2011 at par plus accrued interest on Feb. 22.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) was the dealer manager and solicitation agent, and J.P. Morgan Securities LLC, RBS Securities Inc. and Wells Fargo Securities, LLC were the co-dealer managers and solicitation agents. D.F. King & Co., Inc. (800 848-2998 or 212 493-6996) was the information agent.
Questions about the upcoming redemption can be directed to the note trustee, U.S. Bank NA (800 934-6802).
AmeriGas is a King of Prussia, Pa.-based retail propane distributor.
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