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Ferrellgas Partners to launch $150M senior notes private placement

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Ferrellgas Partners to launch $150M senior notes private placement

Ferrellgas Partners LP plans to launch a private placement of $150 million of senior notes to eligible buyers, the net proceeds of which would be used to repay borrowings under its operating partnership's credit facility.

The 8.625% senior notes due 2020 in the offering is a further issuance of the same notes issued April 13, 2010, which has $182 million still outstanding, and both will be treated as a single series, according to a Jan. 23 news release. Until the new notes are registered, or if they are issued with original issue discount for U.S. federal income tax purposes, they will not be considered mutually interchangeable with the previously issued notes.