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Subsequent Events
9 Months Ended
Apr. 30, 2015
Subsequent Events
Subsequent events
 
Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements.
On May 29, 2015, Ferrellgas Partners entered into a purchase and sale agreement with Bridger, LLC (“Bridger”) to acquire from Bridger all of the outstanding membership interests of Bridger Logistics, LLC (“Bridger Logistics") and its subsidiaries for approximately $562.5 million in cash, subject to certain post-closing adjustments for working capital, indebtedness and transaction expenses, and 11.2 million Ferrellgas Partners common units (“Bridger Logistics Acquisition”).  Ferrellgas expects the Bridger Logistics Acquisition to close in July 2015, subject to customary closing conditions. However, there can be no assurance that the Bridger Logistics Acquisition will be completed. After the closing of the Bridger Logistics Acquisition, Ferrellgas Partners will contribute all of its interests in Bridger Logistics to the operating partnership and Bridger Logistics will be the operating partnership's wholly owned subsidiary.
Bridger Logistics is a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets, which connects crude production in prolific unconventional resource plays to downstream markets. Bridger Logistics’ truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and it is expected substantially all of its cash flow will be generated from fee-based commercial agreements.
Also on May 29, 2015, the operating partnership entered into an amendment to its secured credit agreement in order to facilitate the Bridger Logistics Acquisition and to amend certain covenants to (i) give pro forma effect to the contemplated issuance of the operating partnership's senior notes, the possible incurrence by the operating partnership of certain other indebtedness, the consummation of such acquisition and the contribution of such equity interests by Ferrellgas Partners to the operating partnership and (ii) permit the repayment of such senior notes and other indebtedness in accordance with the contemplated terms thereof in the event that such acquisition and contribution are not consummated by October 1, 2015.
On June 8, 2015, Ferrellgas Partners issued 6.325 million new common units in an underwritten offering to the public.  Ferrellgas Partners intends to use the net proceeds from this offering to fund a portion of the cash consideration for the Bridger Logistics Acquisition. Prior to closing the Bridger Logistics Acquisition, Ferrellgas may use the net proceeds from this offering to make short-term liquid investments at its discretion. If the Bridger Logistics Acquisition is not completed, Ferrellgas intends to use the net proceeds from this offering for working capital and other general partnership purposes.
Also on June 8, 2015, the operating partnership issued $500.0 million in aggregate principal amount of new 6.75% senior notes due 2023 at an offering price equal to par. The notes were not registered and were offered and sold only to qualified institutional buyers as defined in Rule 144A under the Securities Act. The operating partnership received $491.3 million of net proceeds after deducting expenses of the offering. The operating partnership intends to distribute the net proceeds from this offering to Ferrellgas Partners to fund a portion of the cash consideration for the pending Bridger Logistics Acquisition. Prior to closing the Bridger Logistics Acquisition, the operating partnership may use the net proceeds from this offering to make short-term liquid investments at its discretion.

Subsequent to closing, any excess borrowings from these financing transactions will be applied to pay down the outstanding balance of the secured credit facility.
Subsequent events
 
The Finance Corp. evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s condensed financial statements were issued and concluded that, other than the event discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed financial statements.

On June 8, 2015, the Partnership issued $500.0 million in aggregate principal amount of new 6.75% senior notes due 2023. The Finance Corp. serves as co-issuer and co-obligor for the issuance of these new senior notes.

The Partnership intends to distribute the net proceeds from this offering to Ferrellgas Partners to fund a portion of the cash consideration for the pending Bridger Logistics Acquisition. Prior to closing the Bridger Logistics Acquisition, the Partnership may use the net proceeds from this offering to make short-term liquid investments at its discretion.

Subsequent to closing, any excess borrowings from these financing transactions will be applied to pay down the outstanding balance of the Partnership's secured credit facility.
Ferrellgas, L.P. [Member]  
Subsequent Events
Subsequent events
 
Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas L.P.'s condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements.
On May 29, 2015, Ferrellgas Partners entered into a purchase and sale agreement with Bridger, LLC (“Bridger”) to acquire from Bridger all of the outstanding membership interests of Bridger Logistics, LLC (“Bridger Logistics") and its subsidiaries for approximately $562.5 million in cash, subject to certain post-closing adjustments for working capital, indebtedness and transaction expenses, and 11.2 million Ferrellgas Partners common units (“Bridger Logistics Acquisition”). Ferrellgas expects the Bridger Logistics Acquisition to close in July 2015, subject to customary closing conditions. However, there can be no assurance that the Bridger Logistics Acquisition will be completed. After the closing of the Bridger Logistics Acquisition, Ferrellgas Partners will contribute all of its interests in Bridger Logistics to Ferrellgas, L.P. and Bridger Logistics will be the Ferrellgas, L.P.'s wholly owned subsidiary.
Bridger Logistics is a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets, which connects crude production in prolific unconventional resource plays to downstream markets. Bridger Logistics’ truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and it is expected substantially all of its cash flow will be generated from fee-based commercial agreements.
Also on May 29, 2015, the operating partnership entered into an amendment to its secured credit agreement in order to facilitate the Bridger Logistics Acquisition and to amend certain covenants to (i) give pro forma effect to the contemplated issuance of the Ferrellgas L.P.'s senior notes, the possible incurrence by Ferrellgas, L.P. of certain other indebtedness, the consummation of such acquisition and the contribution of such equity interests by Ferrellgas Partners to the operating partnership and (ii) permit the repayment of such senior notes and other indebtedness in accordance with the contemplated terms thereof in the event that such acquisition and contribution are not consummated by October 1, 2015.

On June 8, 2015, Ferrellgas Partners issued 6.325 million new common units in an underwritten offering to the public. Ferrellgas Partners intends to use the net proceeds from this offering to fund a portion of the cash consideration for the Bridger Logistics Acquisition. Prior to closing the Bridger Logistics Acquisition, Ferrellgas may use the net proceeds from this offering to make short-term liquid investments at its discretion. If the Bridger Logistics Acquisition is not completed, Ferrellgas intends to use the net proceeds from this offering for working capital and other general partnership purposes.
Also on June 8, 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.75% senior notes due 2023 at an offering price equal to par. The notes were not registered and were offered and sold only to qualified institutional buyers as defined in Rule 144A under the Securities Act.  Ferrellgas, L.P. received $491.3 million of net proceeds after deducting expenses of the offering. Ferrellgas L.P. intends to distribute the net proceeds from this offering to Ferrellgas Partners to fund a portion of the cash consideration for the pending Bridger Logistics Acquisition. Prior to closing the Bridger Logistics Acquisition, Ferrellgas may use the net proceeds from this offering to make short-term liquid investments at its discretion.

Subsequent to closing, any excess borrowings from these financing transactions will be applied to pay down the outstanding balance of the secured credit facility.