By Paul A. Harris
Portland, Ore., April 13 – Ferrellgas, LP and its wholly owned subsidiary Ferrellgas Finance Corp. priced a $125 million add-on to their 10% senior secured first-lien notes due April 15, 2025 (B3/CCC) at 103 in a Monday drive-by, according to market sources.
The issue price came at the rich end of the 102 to 103 price talk, a trader said.
J.P. Morgan Securities LLC was the lead.
The Overland Park, Kan.-based propane supplier plans to use the proceeds for general corporate purposes.
| Issuers: | Ferrellgas LP and Ferrellgas Finance Corp.
|
| Amount: | $125 million
|
| Maturity: | April 15, 2025
|
| Security description: | Add-on to 10% senior secured first-lien notes due April 15, 2025
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 10%
|
| Price: | 103
|
| First call date: | April 15, 2022
|
| Trade date: | April 13
|
| Settlement date: | April 16
|
| Ratings: | Moody's: B3
|
| S&P: CCC
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 102-103
|
| Marketing: | Drive-by
|
| Original issue: | $575 million priced on April 8
|
| Fungibility: | Add-on notes will become fungible with original notes
|
| Total issue size: | $700 million
|
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