OVERLAND PARK, Kan., April 25 /PRNewswire-FirstCall/ -- Ferrellgas
Partners, L.P. (NYSE: FGP), one of the nation's largest propane distributors,
announced today that effective April 22, 2005, its operating partnership,
Ferrellgas, L.P., has refinanced its existing bank credit facility, extending
its maturity until April 2010.
"We are pleased to have renewed our credit facility for an additional
five-year term with all of the lenders to our previous credit facility and to
have added two new bank lenders to our group," said Kevin T. Kelly, Senior
Vice President and Chief Financial Officer of Ferrellgas. "Their commitment
highlights the confidence they have in Ferrellgas, and their support of our
operational initiatives and overall business strategy."
The new $330 million credit facility replaces the previous $307.5 million
bank credit facility entered into in December 2002. The new five-year
facility is supported by a 12-bank syndicate comprised of the 10 lenders to
the previous credit facility together with two new financial institutions.
Borrowings under the new credit facility are available for working capital
needs, capital expenditures and other general partnership purposes. Banc of
America Securities LLC and J.P. Morgan Securities, Inc. served as co-lead
arrangers on the transaction.
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas,
L.P., currently serves more than one million customers in all 50 states,
Puerto Rico, the U.S. Virgin Islands and Canada. Ferrellgas employees
indirectly own approximately 18 million common units of Ferrellgas Partners
through an employee stock ownership plan.
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, 2004, the Form 10-Q of these entities for the fiscal quarter ended January
31, 2005 and other documents filed from time to time by these entities with
the Securities and Exchange Commission.
Contact: Ryan VanWinkle, Investor Relations, 913-661-1528
Scott Brockelmeyer, Media Relations, 913-661-1830
SOURCE Ferrellgas Partners, L.P.
-0- 04/25/2005
/CONTACT: Ryan VanWinkle, Investor Relations, +1-913-661-1528, or Scott
Brockelmeyer, Media Relations, +1-913-661-1830, both of Ferrellgas Partners/
/Web site: http://www.ferrellgas.com /
(FGP)
CO: Ferrellgas Partners, L.P.
ST: Missouri
IN: OIL
SU: FNC
CM-AB
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5004 04/25/2005 09:41 EDT http://www.prnewswire.com