AmeriGas Partners Announced Completion of Tender Offers, Full Redemption of Notes Not Tendered & Closing of $1.35 Billion Sen...
June 27 2016 - 1:30PM
Business Wire
AmeriGas Partners L.P. (NYSE: APU) (“AmeriGas Partners”)
announced today that it accepted for purchase the notes that were
tendered in its previously announced tender offers for any and all
of certain outstanding notes, which commenced on June 20, 2016 and
expired at 5:00 p.m. New York City time on June 24, 2016, by
holders of:
- $306,721,000 in aggregate principal
amount, representing approximately 68.16% (excluding tenders
through guaranteed delivery procedures of $148,000) of the
outstanding 6.25% Senior Notes due 2019 (“2019 Notes”) (CUSIP
Number 030981AG9);
- $406,467,000 in aggregate principal
amount, representing approximately 73.90% (excluding tenders
through guaranteed delivery procedures of $4,942,000) of the
outstanding 6.75% Senior Notes due 2020 (“2020 Notes”) (CUSIP
Number 03077JAA8); and
- $203,476,000 in aggregate principal
amount, representing approximately 75.36% (excluding tenders
through guaranteed delivery procedures of $400,000) of the
outstanding 6.50% Senior Notes due 2021 (“2021 Notes” and, together
with the 2019 Notes and 2020 Notes, the “Notes”) (CUSIP Number
030981AF1).
Total consideration for each $1,000 principal amount of Notes
of:
- $1,023.25 for the 2019 Notes
- $1,037.40 for the 2020 Notes
- $1,036.00 for the 2021 Notes
in each case plus accrued and unpaid interest, was paid to the
record holder of the Notes tendered and accepted for payment.
In connection with the tender offers, AmeriGas Partners retained
BofA Merrill Lynch to act as the dealer manager.
AmeriGas Partners also announced that on June 27, 2016, it
issued a notice of redemption for all of the following Notes that
it did not purchase on June 27, 2016: $143,279,000 aggregate
principal amount of 2019 Notes, $143,533,000 aggregate principal
amount of 2020 Notes, and $66,525,000 aggregate principal amount of
2021 Notes. Holders of the outstanding 2019 Notes will receive a
cash payment of $1,015.63 for each $1,000 principal amount of 2019
Notes called for redemption.
Holders of 2020 Notes will receive a cash payment of $1,033.75
for each $1,000 principal amount of 2020 Notes called for
redemption and holders of 2021 Notes will receive a cash payment of
$1,032.50 for each $1,000 principal amount of 2021 Notes called for
redemption. In each case, holders will receive accrued and unpaid
interest up to, but not including, the redemption date, which will
be July 27, 2016 for the 2020 Notes and the 2021 Notes and August
22, 2016 for the 2019 Notes.
Lastly, AmeriGas Partners and AmeriGas Finance Corp. announced
today the closing of their previously announced issuances of $675
million aggregate principal amount of 5.625% Senior Notes due 2024
and $675 million aggregate principal amount of 5.875% Senior Notes
due 2026 (the “Notes Offering”). The closing of the Notes Offering
was a condition to the Partnership’s obligation to purchase Notes
tendered in the tender offers, and the net proceeds of the Notes
Offering have been or will be used to pay the purchase price for
the Notes tendered and the redemption prices for the Notes that had
not been tendered in the tender offers. Any remaining proceeds will
be used for general corporate purposes.
BofA Merrill Lynch, Citigroup, J.P. Morgan and Wells Fargo
Securities acted as joint book-running managers for the Notes
Offering.
This announcement is for informational purposes only and does
not constitute an offer to sell, or the solicitation of an offer to
buy, any note in any jurisdiction in which such an offer or
solicitation, or the sale of these notes, would be unlawful without
registration or qualification under the securities laws of such
jurisdiction.
About AmeriGas
AmeriGas is the nation’s largest retail propane marketer,
serving approximately two million customers in all 50 states from
approximately 2,000 distribution locations. UGI Corporation,
through subsidiaries, is the sole General Partner and owns 26% of
AmeriGas Partners and the public owns the remaining 74%.
Comprehensive information about AmeriGas is available on the
Internet at http://www.amerigas.com
This press release contains certain forward-looking statements
that management believes to be reasonable as of today’s date only.
Actual results may differ significantly because of risks and
uncertainties that are difficult to predict and many of which are
beyond management’s control. You should read AmeriGas Partners’
Annual Report on Form 10-K for a more extensive list of factors
that could affect results. Among them are adverse weather
conditions, cost volatility and availability of propane, increased
customer conservation measures, the capacity to transport propane
to our market areas, the impact of pending and future legal
proceedings, political, economic and regulatory conditions in the
U.S. and abroad, and our ability to successfully integrate
acquisitions and achieve anticipated synergies. AmeriGas Partners
undertakes no obligation to release revisions to its
forward-looking statements to reflect events or circumstances
occurring after today.
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version on businesswire.com: http://www.businesswire.com/news/home/20160627006193/en/
AmeriGas Partners L.P.Will Ruthrauff, 610-337-7000 ext.
6571Shelly Oates, 610-337-7000 ext. 3202
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