Ferrellgas Partners Secures New Credit Facility

TL;DR

Ferrellgas just inked a new credit deal, watch their debt levels.

AI Summary

On January 15, 2025, Ferrellgas Partners, L.P. and Ferrellgas Finance Corp. entered into a Material Definitive Agreement related to a new credit facility. This agreement establishes a direct financial obligation for the registrant, impacting its financial structure and potentially its borrowing capacity.

Why It Matters

This filing indicates a significant financial maneuver by Ferrellgas Partners, potentially impacting its liquidity and future investment capabilities.

Risk Assessment

Risk Level: medium — Entering into new credit facilities can introduce new financial obligations and covenants that may impact the company's flexibility.

Key Players & Entities

• Ferrellgas Partners, L.P. (company) — Registrant
• Ferrellgas Finance Corp. (company) — Related Entity
• January 15, 2025 (date) — Agreement Date

FAQ

Key Financial Figures

• $125 m — ants agreed to pay Eddystone the sum of $125 million, which is payable in three instal
• $50 million — installments, with the first payment of $50 million having been paid on January 15, 2025, a
• $37.5 million — 25, and with two additional payments of $37.5 million to occur on or before June 16, 2025 and
• $190 million — Further, as part of the settlement, the $190 million appeal bond that was posted to secure t

Filing Documents

• fgp-20250115x8k.htm (8-K) — 116KB
• fgp-20250115xex10d1.htm (EX-10.1) — 88KB
• fgp-20250115xex10d2.htm (EX-10.2) — 1472KB
• fgp-20250115xex99d1.htm (EX-99.1) — 10KB
• 0001558370-25-000258.txt ( ) — 2142KB
• fgp-20250115.xsd (EX-101.SCH) — 5KB
• fgp-20250115_def.xml (EX-101.DEF) — 13KB
• fgp-20250115_lab.xml (EX-101.LAB) — 19KB
• fgp-20250115_pre.xml (EX-101.PRE) — 13KB
• fgp-20250115x8k_htm.xml (XML) — 19KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Litigation Settlement Agreement As previously disclosed, Ferrellgas Partners, L.P. ("Ferrellgas Partners") and Bridger Logistics, LLC ("Bridger Logistics") were named, along with certain other defendants, in a lawsuit (the "EDPA Lawsuit") filed by Eddystone Rail Company, LLC ("Eddystone") on February 2, 2017, in the U.S. District Court for the Eastern District of Pennsylvania (the "District Court"). The EDPA Lawsuit resulted in a judgment in favor of Eddystone and against Ferrellgas Partners, Bridger Logistics, Bridger Energy, LLC ("Bridger Energy"), and Bridger Transportation, LLC ("Bridger Transportation"). Ferrellgas Partners, Bridger Logistics, Bridger Energy, and Bridger Transportation timely appealed the judgment to the U.S. Court of Appeals for the Third Circuit (the "Appellate Court"). On January 15, 2025, Ferrellgas Partners, Bridger Logistics, Bridger Energy and Bridger Transportation entered into a settlement agreement (the "Settlement Agreement") with Eddystone, which Settlement Agreement, among other things, releases all parties of any claims against the other parties, resolves the judgment entered in the EDPA Lawsuit, and results in the dismissal of the EDPA Lawsuit, including the appeal before the Appellate Court, and the dismissal of numerous other related lawsuits. In settlement of the judgment in the EDPA Lawsuit, the defendants agreed to pay Eddystone the sum of $125 million, which is payable in three installments, with the first payment of $50 million having been paid on January 15, 2025, and with two additional payments of $37.5 million to occur on or before June 16, 2025 and January 15, 2026, respectively. The two remaining payment amounts are secured by new letters of credit issued under the Credit Agreement (as defined below). Further, as part of the settlement, the $190 million appeal bond that was posted to secure the judgment in the EDPA Lawsuit, and the related letters of credit,

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On January 17, 2025, Ferrellgas Partners, L.P. (OTC Pink: "FGPR") ("Ferrellgas") issued a press release regarding the Settlement Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

01 Fi nancial Statements and Exhibits

Item 9.01 Fi nancial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 Sixth Amendment to Credit Agreement, dated as of January 15, 2025, 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 certain lenders and issuing lenders party thereto. 10.2 Exhibit A to the Sixth Amendment to Credit Agreement – Credit Agreement. 99.1 Press release of Ferrellgas Partners, L.P. dated January 17, 2025. 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: January 17, 2025 By: /s/ Michael E. Cole Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) FERRELLGAS PARTNERS FINANCE CORP. Date: January 17, 2025 By: /s/ Michael E. Cole Chief Financial Officer, Treasurer, and Sole Director (Principal Financial and Accounting Officer) FERRELLGAS, L.P. By: Ferrellgas, Inc., its general partner Date: January 17, 2025 By: /s/ Michael E. Cole Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) FERRELLGAS FINANCE CORP. Date: January 17, 2025 By: /s/ Michael E. Cole Chief Financial Officer, Treasurer, and Sole Director (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR