LIBERTY, Mo., June 6 /PRNewswire/ -- Ferrellgas Partners, L.P. (NYSE: FGP) announced today that it has priced its public offering of 4.5 million common units representing limited partner interests at a public offering price of $19.90 per unit. UBS Warburg, Banc of America Securities LLC, Salomon Smith Barney and Lehman Brothers are the managing underwriters for the offering that is scheduled to close on Friday, June 8, 2001.

Ferrellgas Partners has also granted the underwriters an option to purchase up to an additional 675,000 common units to cover over-allotments. The net proceeds of approximately $85 million, or $98 million if the over- allotment option is exercised, will be used to redeem a portion of the partnership's outstanding senior units. Copies of the final prospectus relating to these securities may be obtained from UBS Warburg LLC, 299 Park Avenue, New York, New York 10171 or Banc of America Securities LLC, 600 Montgomery Street, San Francisco, California 94111. This press release does not constitute an offer to sell any of the common units under the offering.

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., currently serves more than one million customers in 45 states. Ferrellgas employees indirectly own more than 17 million units of the partnership through an Employee Stock Ownership Plan. Ferrellgas trades on the New York Stock Exchange under the ticker symbol FGP.

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 actual results, performance and expectations to differ materially from anticipated results, performance or expectations. These risks, uncertainties and other factors are discussed in the partnership's Form 10-K for fiscal 2000 dated July 31, 2000, as filed with the Securities and Exchange Commission on October 26, 2000, and other documents filed from time to time with the Securities and Exchange Commission.

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SOURCE Ferrellgas Partners, L.P.
Web site: http: //www.ferrellgas.com
CONTACT: Ryan VanWinkle, Investor Relations, 816-792-7998, or Scott Brockelmeyer, Media Relations, 816-792-7837, both of Ferrellgas Partners, L.P.