Ferrellgas tenders for all $268 million 8¾% senior notes due 2012

By Devika Patel

Knoxville, Tenn., March 30 - Ferrellgas Partners LP said it has begun a cash tender offer for all $268 million of its outstanding 8¾% senior notes due 2012.

The offer will expire at 11:59 p.m. ET on April 26.

Holders who tender prior to the early tender date, which is 5 p.m. ET on April 12, will receive an early tender payment of $30.00 per $1,000 in notes for a total consideration of $1,014.58 per $1,000 in notes.

Holders who tender their notes after the early tender date but prior to the expiration date will receive $984.58 per $1,000 in notes. The company will pay interest on the notes up to, but not including, the payment date.

The withdrawal date is 5 p.m. ET on April 12.

The tender offer is conditioned on the company closing its previously announced senior notes offering, which will be used to fund the tender.

Wells Fargo Securities (866 309-6316 or 704 715-8341) and J.P. Morgan (800 245-8812) are the joint dealer managers for the offer; D.F. King & Co., Inc. (800 714-3313 or 212 269-5550) is the depositary and information agent.

Ferrellgas is an Overland Park, Kan.-based distributor and seller of propane and related equipment.

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