Ferrellgas to sell $125 million tap of 10% notes due 2025 on Monday; initial talk 102-103

By Paul A. Harris

Portland, Ore., April 13 – Ferrellgas, LP and its wholly owned subsidiary Ferrellgas Finance Corp. plan to price a $125 million add-on to their 10% senior secured first-lien notes due April 15, 2025 (B3/CCC) in a Monday drive-by, according to market sources.

Initial price talk is 102 to 103, a trader said.

J.P. Morgan Securities LLC is the lead.

The Rule 144A and Regulation S notes are non-callable before April 15, 2022.

The Overland Park, Kan.-based propane supplier plans to use the proceeds for general corporate purposes.

The original $575 million issue priced on April 8.

The add-on notes will become fungible with the original notes.

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