Ferrellgas Completes Refinancing
The Firm represented the initial purchasers in connection with a Rule 144A/Regulation S offering of $650 million aggregate principal amount of 9.250% senior notes due 2031 by Ferrellgas, L.P. (“Ferrellgas”) and Ferrellgas Finance Corp. (together with Ferrellgas, the “Issuers”). The Issuers used the proceeds from the offering, together with cash on hand, to redeem all $650 million aggregate of principal amount of the Issuers’ 5.375% senior notes due 2026.
The Firm also represented JPMorgan Chase Bank, N.A., as lead arranger and administrative agent, in connection with an amendment to Ferrellgas’s revolving credit facility, which included an increase thereof to $350 million and a maturity extension.
Ferrellgas is a leading distributor of propane and related equipment and supplies to customers in the United States.
The Simpson Thacher team included Dave Azarkh, Brian Rosenzweig, Jesse Feng, Ryan Poché, Suzannah Ranzo and Andrew Waldeck (Capital Markets); Matthew Einbinder, Ron Havas, Caroline Toohey and Ye Joo Lee (Credit); Jon Cantor, Michael Mann and Jemma Li (Tax); Tim Gallagher (Real Estate); Mike Isby (Environmental); Abram Ellis and Anais Bourbon (Regulatory); Pasco Struhs (Executive Compensation and Employee Benefits); George Gerstein (ERISA); Corina Holland, Margerite Blase (Intellectual Property); and Jennie Getsin (Blue Sky).