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AmeriGas Partners to reduce bank debt with proceeds from common units sale
By Sara Rosenberg
New York, May 20 - AmeriGas Partners LP plans to reduce debt under its credit facility with proceeds from a proposed common units sale, according to a form 424B2 filed with the Securities and Exchange Commission on Thursday.
As of May 14, there was $33 million outstanding under the facility bearing interest at 3.02%.
The company anticipates generating about $50 million in proceeds from the common units sale or $57.5 million if the underwriters' over-allotment option is exercised in full.
Proceeds that are not used for bank debt reduction will be used for general partnership purposes.
AmeriGas is a King of Prussia, Pa., propane distributor.
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