AmeriGas obtains early tenders for 87.6% of 7 1/8% notes due 2016

By Jennifer Chiou

New York, Aug. 10 - AmeriGas Partners, LP said it marked down early tenders and consents for $306.7 million, or 87.6%, of its $350 million of 7 1/8% senior notes due 2016 as of 5 p.m. ET on Aug. 9.

The company paid $1,038.13 per $1,000 principal amount of notes. This includes a consent payment of $25.00 for each note tendered by the consent date.

Holders also received accrued interest up to but excluding the settlement date, which was Aug. 10.

AmeriGas said that it obtained the needed consents to amend the indenture to eliminate substantially all of the restrictive covenants governing the notes and certain other provisions. The amendments were deemed effective upon acceptance of the notes.

Additionally, the company and AmeriGas Finance Corp. announced the closing of their $450 million of 6¼% senior notes due 2019.

The tender offer will expire at 11:59 p.m. ET on Aug. 23. It launched on July 27.

The offer is conditioned on the receipt of tenders and consents for a majority of the outstanding notes by the consent date and the receipt of enough proceeds from a public offering of debt securities to fund the tender offer.

The coordinating dealer manager and solicitation agent is Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147). J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are co-dealer managers and solicitation agents. The information agent is D.F. King & Co., Inc. (800 848-2998 or 212 269-5550).

AmeriGas is a retail propane marketer based in Valley Forge, Pa.

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