AmeriGas to price $500 million five-year notes in Monday drive-by; whisper low 9% area

By Abigail W. Adams

Portland, Me., May 22 – AmeriGas Partners LP and AmeriGas Finance Corp. plan to price $500 million of five-year senior notes (B1//BB-) in a Monday drive-by with early guidance for a yield in the low 9% area, according to a market source.

The notes are non-callable for two years.

The deal is set to kick off with an 11 a.m. ET investor conference call with pricing thereafter.

Wells Fargo Securities LLC (lead left), BofA Securities Inc., Citizens Capital Markets Inc., Credit Agricole CIB and J.P. Morgan Securities LLC are bookrunners for the Rule 144A and Regulation S offering.

Proceeds will be used, together with cash on hand and a $150 million contribution from UGI Corp and or other sources, to refinance the company’s 5 5/8% senior notes due 2024.

AmeriGas is a King of Prussia, Pa.-based propane distributor.

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