Ferrellgas LPhas filed for an offer to exchange $500 million of unregistered outstandingsenior notes for $500 million of registered senior notes, according to a FormS-4 filed April 1.
Holders of unregistered 6.75% senior notes due 2023 would beentitled to exchange the unregistered notes for exchange notes registered underthe Securities Act but otherwise having terms identical in all materialrespects to the unregistered notes, except that transfer restrictions,registration rights or provisions for additional interest are not applicable tothe registered notes, according to the filing.
The outstanding unregistered notes were issued June 8, 2015,in a private placement and sold to the initial purchasers, who resold them to alimited number of qualified institutional buyers. They may only be tendered inminimum denominations of $2,000 and integral multiples of $1,000 in excess of$2,000. No expiration date has been given for the offer.
The exchange offer is pursuant to a registration rightsagreement between Ferrellgas and the initial purchasers of the unregisterednotes. Ferrellgas will not be receiving cash proceeds from the offer. There isno established trading market for the unregistered notes and the partnershipwill not be listing the registered notes on any securities exchange.
The trustee, registrar and exchange agent for this offerwill be the U.S. Bank National Association.