By Paul A. Harris
St. Louis, Nov. 9 - Ferrellgas Partners LP priced an upsized $500 million issue of 10.5-year senior notes (Ba3/B+/) at par to yield 6½% on Tuesday, according to market sources.
The yield printed at the tight end of the 6½% to 6 5/8% price talk.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities were the joint bookrunners for the quick-to-market deal.
The Overland Park, Kan.-based gas company will use the proceeds to purchase and/or redeem all of its outstanding 6¾% senior notes due 2014.
Issuer Ferrellgas Partners LP
| Amount: | $500 million, increased from $470 million
|
| Maturity: | May 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 385 bps
|
| Call protection: | Five years
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 24
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A
|
| Price talk: | 6½% to 6 5/8%
|
| Marketing: | Quick to market
|
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