Moody's: AmeriGas notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to AmeriGas Partners, LP's proposed offering of $470 million senior notes due 2021.

The proceeds of this offering will be used to fund the redemption of $415 million of 7.25% senior notes due 2015, with the remainder used to reduce revolver borrowings, the agency added.

The outlook is stable.

"AmeriGas is proactively refinancing the 2015 notes to 2021, thereby improving its debt maturity profile," said Pete Speer, Moody's vice president.

AmeriGas' Ba2 corporate family rating is supported by its leading market position in the retail distribution of propane and geographic diversification, Moody's stated.

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