Ferrellgas Partners L.P. Enters Material Definitive Agreement

TL;DR

Ferrellgas just signed a big deal on their credit lines. Looks like a financing update.

AI Summary

On July 2, 2024, Ferrellgas Partners L.P. and its subsidiaries entered into a Material Definitive Agreement related to their credit facilities. This filing, dated July 9, 2024, provides details on this significant financial transaction.

Why It Matters

This agreement likely impacts Ferrellgas's borrowing capacity and financial flexibility, which could influence its operational capabilities and future investments.

Risk Assessment

Risk Level: medium — Material definitive agreements, especially those concerning credit facilities, can signal significant financial maneuvers that carry inherent risks related to debt, interest rates, and covenant compliance.

Key Players & Entities

• FERRELLGAS PARTNERS L P (company) — Filer
• FERRELLGAS FINANCE CORP (company) — Filer
• FERRELLGAS PARTNERS FINANCE CORP (company) — Filer
• July 2, 2024 (date) — Date of Material Definitive Agreement
• July 9, 2024 (date) — Filing Date

FAQ

Filing Documents

• fgp-20240702x8k.htm (8-K) — 114KB
• fgp-20240702xex10d1.htm (EX-10.1) — 116KB
• fgp-20240702xex10d2.htm (EX-10.2) — 34KB
• fgp-20240702xex10d3.htm (EX-10.3) — 1442KB
• 0001558370-24-009724.txt ( ) — 2154KB
• fgp-20240702.xsd (EX-101.SCH) — 4KB
• fgp-20240702_def.xml (EX-101.DEF) — 12KB
• fgp-20240702_lab.xml (EX-101.LAB) — 18KB
• fgp-20240702_pre.xml (EX-101.PRE) — 12KB
• fgp-20240702x8k_htm.xml (XML) — 19KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Ferrellgas, L.P. (the "Company") previously entered into the Credit Agreement dated as of March 30, 2021, as thereby amended from time to time (as amended, the "Credit Agreement"), among the Company, Ferrellgas, Inc., the general partner of the Company (the "General Partner"), the subsidiaries of the Company party thereto as guarantors (the "Subsidiary Guarantors"), JPMorgan Chase Bank, N.A. as administrative agent and collateral agent (the "Agent"), and the lenders and issuing lenders party thereto from time to time. On July 2, 2024, the Company entered into the Fourth Amendment to Credit Agreement (the "Fourth Amendment") among the Company, the General Partner, the Subsidiary Guarantors party thereto, the Agent and the lenders party thereto. The Fourth Amendment: with respect to base rate loans, modified the applicable margin to be between 1.75% and 2.25% per annum depending on total net leverage, with the applicable margin for base rate loans after the effective date of the Fourth Amendment until the first adjustment date being 2.00%; with respect to benchmark loans, modified the applicable margin to be between 2.75% and 3.25% per annum depending on total net leverage, with the applicable margin for benchmark loans after the effective date of the Fourth Amendment until the first adjustment date being 3.00%; modified the undrawn fee required to be paid to the lenders on the average daily unused amount of the revolving credit facility to be at a rate of 0.50% per annum; and reduced the aggregate revolving commitment by the positive difference, if any, between the aggregate principal amount of any indebtedness incurred in connection with the refinancing of the 5.375% Senior Notes due April 1, 2026, issued by Company and Ferrellgas Finance Corp., and the original aggregate principal amount of such notes. In addition, pursuant to the Fourth Amendment, the Agent and the lenders party thereto, subject to c

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Exhibit No. Description 10.1 Fourth Amendment to Credit Agreement, dated as of July 2, 2024, among Ferrellgas, L.P., Ferrellgas, Inc., certain subsidiaries of Ferrellgas, L.P., as guarantors, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto 10.2 Exhibit A to the Fourth Amendment to Credit Agreement - Form of Eddystone Litigation Appeal Bond 10.3 Exhibit B to the Fourth Amendment to Credit Agreement - Credit Agreement 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FERRELLGAS PARTNERS, L.P. By: Ferrellgas, Inc., its general partner Date: July 9, 2024 By: /s/ Michael E. Cole Chief Financial Officer (Principal Financial and Accounting Officer) FERRELLGAS PARTNERS FINANCE CORP. Date: July 9, 2024 By: /s/ Michael E. Cole Chief Financial Officer and Sole Director (Principal Financial and Accounting Officer) FERRELLGAS, L.P. By: Ferrellgas, Inc., its general partner Date: July 9, 2024 By: /s/ Michael E. Cole Chief Financial Officer (Principal Financial and Accounting Officer) FERRELLGAS FINANCE CORP. Date: July 9, 2024 By: /s/ Michael E. Cole Chief Financial Officer and Sole Director (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR