OVERLAND PARK, Kan., Nov. 4 /PRNewswire-FirstCall/ -- Ferrellgas, L.P., the operating partnership of Ferrellgas Partners, L.P. (NYSE: FGP), today announced the anticipated closing of its new $400 million senior secured working capital credit facility due 2012. The facility replaces the partnership's former senior unsecured credit facility due 2010.
"We are very pleased with the successful refinancing of our working capital line of credit and believe it shows the strong support of our long-term strategic lenders," commented Ryan VanWinkle, Senior Vice President and Chief Financial Officer. "Through our recent capital transactions, including the issuances totaling $90 million in equity proceeds in February and October 2009, respectively; and $300 million senior notes due 2017 issued in September 2009, we have addressed all existing debt maturities through 2011. Importantly, these transactions improve our liquidity to fund our business strategies, which are focused on profitable growth, both organically and through acquisitions."
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., serves approximately one million customers in all 50 states, the District of Columbia and Puerto Rico. Ferrellgas employees indirectly own more than 20 million common units of the partnership through an employee stock ownership plan. More information about the partnership can be found online at www.ferrellgas.com.
Statements in this release concerning expectations for the future are forward-looking statements. A variety of known and unknown risks, uncertainties and other factors could cause results, performance and expectations to differ materially from anticipated results, performance and expectations. These risks, uncertainties and other factors are discussed in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2009, and other documents filed from time to time by these entities with the Securities and Exchange Commission.
Contact:
Tom Colvin, Investor Relations, 913-661-1530
Jim Saladin, Media Relations, 913-661-1833
SOURCE Ferrellgas Partners, L.P.
