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Ferrellgas to price $575 million five-year notes, repay bank debt
By Paul A. Harris
Portland, Ore., April 7 – Ferrellgas, LP and its wholly owned subsidiary Ferrellgas Finance Corp. announced in a Tuesday press release that they intend to sell $575 million of five-year senior secured notes in a Rule 144A and Regulation S placement.
The Overland Park, Kan.-based propane supplier plans to use the proceeds to pay off its existing senior secured credit facility, which it will terminate upon completion of the notes sale, and to cash collateralize all of the letters of credit outstanding under the existing senior secured credit facility, with the remainder of the proceeds to be used for general corporate purposes.
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