OVERLAND PARK, Kan., June 30, 2005 /PRNewswire-FirstCall via COMTEX/ -- Ferrellgas
Partners, L.P. (NYSE: FGP), one of the nation's largest propane distributors,
today announced the conversion of all its outstanding senior units into common
units. In addition, the company announced the public issuance of an
additional 177,000 common units pursuant to the exercise of an underwriter's
overallotment option.
Ferrellgas Partners' conversion of all its outstanding 1,994,146.35 senior
units, including related accrued and unpaid distributions, into 3,892,849
common units was completed pursuant to its partnership agreement. As a result
of the conversion, James E. Ferrell, the Chairman, President and Chief
Executive Officer of Ferrellgas, Inc. and beneficial owner of all the
outstanding senior units, retains his equity investment in the partnership
through his beneficial ownership of the newly issued common units received in
the conversion. These common units are the same class of equity interest
traded on the New York Stock Exchange under the symbol "FGP".
Ferrellgas Partners also announced today the closing of a public offering
of 177,000 common units in connection with the exercise by Lehman Brothers
Inc. of an option to purchase an additional 292,500 common units to cover
overallotments. The option was granted to the underwriter in connection with
the previously announced public offering of 1.95 million common units which
closed on June 15, 2005. Net proceeds from this offering were $3,502,830
based on an offering price of $20.63 per common unit and after deducting
underwriting discounts and commissions.
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 more than 18 million common units of Ferrellgas Partners
through an employee stock ownership plan.
Contact:
Ryan VanWinkle, Investor Relations, 913-661-1528
SOURCE Ferrellgas Partners, L.P.
Ryan VanWinkle, Investor Relations, of Ferrellgas Partners, L.P., +1-913-661-1528
http://www.prnewswire.com
