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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
TPG Specialty Lending, PNC Bank Close $575MM Financing for Ferrellgas
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Lenders/Participants
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TPG Specialty Lending, Inc. [Lender]
PNC Bank [Lender]
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Structure
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Senior Secured Facility
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Amount
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$575.000
Million
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Borrower(s)
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Ferrellgas, L.P.
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Description
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A new senior secured credit facility. The five-year facility replaces the current $575 million senior secured revolving credit facility that was scheduled to mature in October 2018. The new facility includes a $300 million cash flow revolver supported by commitments from TPG Specialty Lending and PNC Bank, National Association (PNC), as well as a $275 million term loan. As of the closing date, the revolver will have no outstanding borrowings and provides for a transition of undrawn letters of credit issued and outstanding of approximately $100 million seamlessly to the new facility. The term loan will be used to repay the outstanding amounts on the Company’s terminating bank credit facility, fees, and expenses associated with the new facility, and will result in approximately $75 million of surplus cash on Ferrellgas’ balance sheet.
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Industry
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Energy Services
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| Related Tags |
PNC Bank, TPG Specialty Lending
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ABL Advisor
Deal Tables
2025
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