Ferrellgas plans to price $150 million tap of 6¾% notes due 2022 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., June 10 – Ferrellgas LP and Ferrellgas Finance Corp. plan to price a $150 million add-on to their 6¾% senior notes due Jan. 15, 2022 (expected ratings B3/B+) Tuesday afternoon following a late-morning conference call with investors, according to a syndicate source.

Wells Fargo Securities LLC is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. BofA Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners.

Capital One, Fifth Third Securities Inc., Mitsubishi UFJ Securities and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes become callable on Nov. 15, 2016.

The Overland Park, Kan.-based propane supplier plans to use the proceeds for general corporate purposes, including to repay debt under its secured credit facility.

The original $325 million issue priced at par on Oct. 21, 2013.

The add-on notes will be immediately fungible with the original notes.

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