Ferrellgas Partners L.P. (FGP) has been successful in the renewal of its $145 million Accounts Receivable Securitization Facility, extending maturity to April 2013. This extension improves the partnership’s borrowing capacity and cost of funds.

Additionally, the partnership recently announced the closing of a $280 million offering of notes due in 2020. This, along with the renewal, addresses all major maturities until November 2012, with no debt maturities due until mid-2014. We believe these transactions provide the partnership with financial flexibility required to fund its growth opportunities.

Over the last 18 months, the partnership has positively maintained liquidity to support its long-term growth strategies and has also simplified its capital structure in order to reduce refinancing risk to investors.

As of January 31, 2010, Ferrellgas had $25.9 million of cash and equivalents. Long-term debt at quarter-end totaled $1.1 billion compared to $1.0 billion a year ago. Distributable cash flow increased 12% to $104.3 million from $93.1 million.

Ferrellgas Partners, a master limited partnership, is a leading distributor of propane and related equipment in the U.S. As of fiscal year-end 2009, it served over 1 million customers in all 50 states, the District of Columbia, Puerto Rico and Canada. The partnership provides propane services to: Residential, Industrial, Portable Tank Exchange, Agricultural and Wholesale customers.

The partnership’s strategy is relatively simple: achieve operating efficiencies through the utilization of technology in its operations; capitalize on its national presence and economies of scale; expand its operations through disciplined acquisitions and internal growth; and align employee interest with investors through significant employee ownership.
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