LIBERTY, Mo., Dec. 18 /PRNewswire-FirstCall/ -- Ferrellgas Partners, L.P.
(NYSE: FGP), the nation's second-largest retail marketer of propane, announced
today the successful completion of a $48 million offering of 8-3/4% senior
notes due 2012 and the refinancing of its operating partnership's credit
facility, extending its maturity until April 2006.
"We are pleased by the market's favorable reception to our recent
financing transactions," said Kevin T. Kelly, Senior Vice President and Chief
Financial Officer of Ferrellgas. "Our recent financial performance and strong
reputation in the capital markets allowed us to secure these borrowings well
into the future."
On December 10, 2002, Ferrellgas completed the refinancing of its credit
facility, securing $307.5 million of borrowing capacity through April 2006.
Borrowings under the new credit facility are available for working capital
needs, capital expenditures and other general purposes. Concurrent with this
refinancing, the company used a portion of the credit facility to purchase
propane tanks and related assets that were previously leased by the company.
On December 11, 2002, Ferrellgas sold $48 million of 8-3/4% senior notes
due 2012 at a premium to par value of 103.5%. Net proceeds from the issuance
were used to reduce borrowings under the credit facility, providing for
increased availability of funds for future uses.
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 2002 dated July 31,
2002, as filed with the Securities and Exchange Commission on October 23,
2002, and other documents filed from time to time with the Securities and
Exchange Commission.
CONTACT: Ryan VanWinkle, Investor Relations of Ferrellgas Partners, L.P.,
+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 Partners, L.P., +1-816-792-7998
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