LIBERTY, Mo., July 1 /PRNewswire-FirstCall/ -- Ferrellgas Partners, L.P.
(NYSE: FGP), the nation's second largest retail marketer of propane, announced
today that it is commencing a tender offer and consent solicitation for the
entire outstanding $160 million aggregate principal amount of its 9-3/8%
Senior Secured Notes due 2006.
The total consideration for each $1,000 principal amount of notes validly
tendered and not withdrawn pursuant to the tender offer will be $1,032.50,
which includes a consent payment of $1.25, plus accrued and unpaid interest up
to, but not including the date of payment. A tender of notes prior to the end
of the consent period described below will not be accepted unless it is also
accompanied by a valid consent. The tender offer will expire at 9:00 a.m.,
New York City time, on July 30, 2002, unless extended.
In conjunction with the tender offer, Ferrellgas is also soliciting
consents from the holders of the notes to amend the notes and the indenture
governing the notes. The consent payment for each $1,000 principal amount of
notes for which a valid consent is delivered and not revoked pursuant to the
consent solicitation will be $1.25. Ferrellgas must receive the consent prior
to 5:00 p.m., New York City time, on July 16, 2002, for a holder to receive
the consent payment. A consent will not be accepted unless a valid tender of
the notes also accompanies it. The proposed amendments will, among other
things, eliminate specified obligations, covenants and events of default in
the notes and the indenture that governs the notes.
The tender offer and consent solicitation is conditioned upon, among other
things, the receipt by Ferrellgas of proceeds from a public offering of new
senior notes sufficient to pay the principal amount of the notes to be
purchased, plus, to the extent proceeds are available, accrued interest and
all related premiums, costs and expenses, on terms and conditions satisfactory
to Ferrellgas in its sole discretion.
Credit Suisse First Boston Corporation is acting as dealer manager in
connection with the tender offer and consent solicitation. The information
agent for the tender offer is Georgeson Shareholder Communications Inc.
Holders may obtain additional information relating to the tender offer and the
consent solicitation by contacting the dealer manager at (800) 820-1653 or
(212) 538-8474 or the Information Agent at (800) 645-7638 or (212) 440-9800.
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas,
L.P., serves more than one million customers in 45 states. Its employees
indirectly own more than 17 million common units of Ferrellgas through an
employee stock ownership plan. Its common units trade on the New York Stock
Exchange under the ticker symbol FGP.
Statements in this release concerning expectations for the future are
forward-looking statements. A variety of known and unknown risks,
uncertainties and other factors could cause actual results, performance and
expectations to differ materially from anticipated results, performance or
expectations. These risks, uncertainties and other factors are discussed in
the partnership's annual report on Form 10-K for fiscal 2001 dated July 31,
2001, as filed with the Securities and Exchange Commission on October 25,
2001, and other documents filed from time to time with the Securities and
Exchange Commission.
CONTACT: Ryan VanWinkle, Investor Relations of Ferrellgas,
+1-816-792-7998.
SOURCE Ferrellgas Partners, L.P.
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Related links:
http://www.ferrellgas.com
CONTACT:
Ryan VanWinkle, Investor Relations of
Ferrellgas, +1-816-792-7998
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