AmeriGas Partners Announces Completion of Tender Offer and Closing of $525 Million Senior Note Offering
February 13 2017 - 11:30AM
Business Wire
AmeriGas Partners, L.P. (NYSE: APU) (“AmeriGas Partners”)
announced today that it accepted for purchase the 7.00% Senior
Notes due 2022 (the “2022 Notes”) issued by its wholly owned
subsidiaries, AmeriGas Finance LLC and AmeriGas Finance Corp.
(“AmeriGas Finance”) (CUSIP Number 03077JAB6) that were tendered in
its previously announced tender offer (the “Tender Offer”) for any
and all of its outstanding 2022 Notes, which commenced on February
6, 2017 and expired at 5:00 pm New York City time on February 10,
2017, by holders of $378,340,000 in aggregate principal amount,
representing approximately 78.68% of the 2022 Notes (excluding
tenders through guaranteed delivery procedures of $22,000 of the
2022 Notes).
Total consideration of $1,050.00 for each $1,000 principal
amount of the 2022 Notes, plus accrued and unpaid interest, was
paid to the holders of the 2022 Notes tendered and accepted for
purchase.
In connection with the Tender Offer, AmeriGas Partners retained
J.P. Morgan Securities LLC as the Dealer Manager.
AmeriGas Partners and AmeriGas Finance also announced today the
closing of their previously announced issuance of $525 million
aggregate principal amount of 5.750% Senior Notes due 2027 (the
“Notes Offering”). The closing of the Notes Offering was a
condition to AmeriGas Partners’ obligation to purchase 2022 Notes
tendered in the Tender Offer, and the net proceeds of the Notes
Offering have been used to pay the purchase price for the 2022
Notes accepted in the Tender Offer. Any remaining net proceeds will
be used for general business purposes.
J.P. Morgan Securities LLC, Wells Fargo Securities, LLC,
Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner
& Smith Incorporated 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 Partners
AmeriGas Partners is the nation’s largest retail propane
marketer, serving approximately 1.9 million residential,
commercial, industrial, agricultural, wholesale and motor fuel
customers in all 50 states from approximately 1,900 propane
distribution locations. UGI Corporation, through subsidiaries, is
the sole General Partner and owns 26% of AmeriGas Partners and the
public owns the remaining 74%.
Forward-Looking Statements
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, liability for uninsured claims and for claims in
excess of insurance coverage, political, economic and regulatory
conditions in the U.S. and abroad, our ability to successfully
integrate acquisitions and achieve anticipated synergies, and the
interruption, disruption, failure, malfunction, or breach of our
information technology systems, including due to cyber-attack.
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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AmeriGas Partners, L.P.Will Ruthrauff, 610-337-7000, ext.
6571Shelly Oates, 610-337-7000, ext. 3202
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