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Debt (Tables)
12 Months Ended
Jul. 31, 2017
Schedule of Line of Credit Facilities [Table Text Block]
On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows:

 
 
Minimum consolidated interest coverage ratio
 
Minimum consolidated interest coverage ratio
Date
 
(prior to fifth amendment)
 
(after fifth amendment)
July 31, 2017
 
2.50

 
1.75

October 31, 2017
 
2.50

 
1.75

January 31, 2018
 
2.50

 
1.75

April 30, 2018
 
2.50

 
1.75

July 31, 2018 & thereafter
 
2.50

 
2.50

On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows:

 
 
Minimum consolidated interest coverage ratio
 
Minimum consolidated interest coverage ratio
Date
 
(prior to sixth amendment)
 
(after sixth amendment)
July 31, 2017
 
2.50

 
1.75

October 31, 2017
 
2.50

 
1.75

January 31, 2018
 
2.50

 
1.75

April 30, 2018
 
2.50

 
1.75

July 31, 2018 & thereafter
 
2.50

 
2.50

Maximum Leverage Ratio
On April 28, 2017, the maximum consolidated leverage covenant was modified as follows:

 
 
Maximum leverage ratio
 
Maximum leverage ratio
Date
 
(prior to fifth amendment)
 
(after fifth amendment)
July 31, 2017
 
6.05

 
7.75

October 31, 2017
 
5.95

 
7.75

January 31, 2018
 
5.95

 
7.75

April 30, 2018
 
5.50

 
7.75

July 31, 2018 & thereafter
 
5.50

 
5.50

On April 28, 2017, the maximum consolidated leverage covenant was modified as follows:

 
 
Maximum leverage ratio
 
Maximum leverage ratio
Date
 
(prior to sixth amendment)
 
(after sixth amendment)
July 31, 2017
 
6.05

 
7.75

October 31, 2017
 
5.95

 
7.75

January 31, 2018
 
5.95

 
7.75

April 30, 2018
 
5.50

 
7.75

July 31, 2018 & thereafter
 
5.50

 
5.50

Components Of Long-term Debt
Long-term debt consists of the following:
 
 
2017
 
2016
Senior notes
 
 
 
 
Fixed rate, 6.50%, due 2021 (1)
 
$
500,000

 
$
500,000

Fixed rate, 6.75%, due 2023 (4)
 
500,000

 
500,000

Fixed rate, 6.75%, due 2022, net of unamortized premium of $3,166 and $4,008 at 2017 and 2016, respectively (3)
 
478,166

 
479,008

Fixed rate, 8.625%, due 2020, net of unamortized discount of $5,976 and $0 at 2017 and 2016, respectively (2)
 
351,024

 
182,000

Fair value adjustments related to interest rate swaps
 
471

 
5,830

 
 
 
 
 
Secured credit facility
 
 
 
 
Variable interest rate, expiring October 2018 (net of $59.8 million and $101.3 million classified as short-term borrowings at July 31, 2017 and 2016, respectively)
 
185,719

 
293,109

 
 
 
 
 
Notes payable
 
 
 
 
12.0% and 11.8% weighted average interest rate at July 31, 2017 and 2016, respectively, due 2018 to 2022, net of unamortized discount of $1,128 and $1,566 at July 31, 2017 and 2016, respectively
 
5,958

 
8,484

Total debt, excluding unamortized debt issuance costs
 
2,021,338

 
1,968,431

Unamortized debt issuance costs
 
(22,965
)
 
(23,175
)
Less: current portion, included in other current liabilities on the consolidated balance sheets
 
2,578

 
3,921

Long-term debt
 
$
1,995,795

 
$
1,941,335



(1)
During November 2010, Ferrellgas issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021 at an offering price equal to par. These notes are general unsecured senior obligations of Ferrellgas and are effectively junior to all future senior secured indebtedness of Ferrellgas, to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of the operating partnership. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to May 2019.
(2)
During January 2017, Ferrellgas issued and sold, in a private placement offering with registration rights, $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020, issued at 96% of par. Ferrellgas contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its secured credit facility. In August 2017, Ferrellgas completed an offer to exchange $175.0 million principal amount of its 8.625% unsecured senior notes due 2020, which were registered under the Securities Act of 1933, as amended, for a like principal amount of its outstanding and unregistered 8.625% unsecured senior notes due 2020. During April 2010, Ferrellgas issued $280.0 million of its fixed rate senior notes. During March 2011, Ferrellgas redeemed $98.0 million of these fixed rate senior notes. The unsecured senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the note prior to June 2018.
(3)
During November 2013, Ferrellgas issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017. Ferrellgas used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. During June 2014, Ferrellgas issued an additional $150.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to 104% of par. Ferrellgas used the net proceeds for general corporate purposes, including to repay indebtedness under its secured credit facility and to pay related transaction fees and expenses. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to November 2019.
(4)
During June 2015, Ferrellgas issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 at an offering price equal to par. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas received $491.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to fund a portion of the cash portion of the consideration for the acquisition of the outstanding membership interests in Bridger Logistics, LLC and its subsidiaries with remaining amounts being used to repay outstanding borrowing under the secured credit facility after the closing of the acquisitions.
Scheduled Annual Principal Payments On Long-term Debt
The scheduled annual principal payments on long-term debt are as follows:
For the year ending July 31,
 
Scheduled annual principal payments

2018
 
$
2,578

2019
 
187,644

2020
 
358,180

2021
 
501,055

2022
 
370

Thereafter
 
974,978

Total
 
$
2,024,805

Ferrellgas, L.P. [Member]  
Schedule of Line of Credit Facilities [Table Text Block]
On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows:

 
 
Minimum consolidated interest coverage ratio
 
Minimum consolidated interest coverage ratio
Date
 
(prior to fifth amendment)
 
(after fifth amendment)
July 31, 2017
 
2.50

 
1.75

October 31, 2017
 
2.50

 
1.75

January 31, 2018
 
2.50

 
1.75

April 30, 2018
 
2.50

 
1.75

July 31, 2018 & thereafter
 
2.50

 
2.50

On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows:

 
 
Minimum consolidated interest coverage ratio
 
Minimum consolidated interest coverage ratio
Date
 
(prior to sixth amendment)
 
(after sixth amendment)
July 31, 2017
 
2.50

 
1.75

October 31, 2017
 
2.50

 
1.75

January 31, 2018
 
2.50

 
1.75

April 30, 2018
 
2.50

 
1.75

July 31, 2018 & thereafter
 
2.50

 
2.50

Maximum Leverage Ratio
On April 28, 2017, the maximum consolidated leverage covenant was modified as follows:

 
 
Maximum leverage ratio
 
Maximum leverage ratio
Date
 
(prior to fifth amendment)
 
(after fifth amendment)
July 31, 2017
 
6.05

 
7.75

October 31, 2017
 
5.95

 
7.75

January 31, 2018
 
5.95

 
7.75

April 30, 2018
 
5.50

 
7.75

July 31, 2018 & thereafter
 
5.50

 
5.50

On April 28, 2017, the maximum consolidated leverage covenant was modified as follows:

 
 
Maximum leverage ratio
 
Maximum leverage ratio
Date
 
(prior to sixth amendment)
 
(after sixth amendment)
July 31, 2017
 
6.05

 
7.75

October 31, 2017
 
5.95

 
7.75

January 31, 2018
 
5.95

 
7.75

April 30, 2018
 
5.50

 
7.75

July 31, 2018 & thereafter
 
5.50

 
5.50

Components Of Long-term Debt
Long-term debt consists of the following:
 
 
2017
 
2016
Senior notes
 
 
 
 
Fixed rate, 6.50%, due 2021 (1)
 
$
500,000

 
$
500,000

Fixed rate, 6.75%, due 2023 (3)
 
500,000

 
500,000

Fixed rate, 6.75%, due 2022, net of unamortized premium of $3,166 and $4,008 at 2017 and 2016, respectively (2)
 
478,166

 
479,008

Fair value adjustments related to interest rate swaps
 
471

 
5,830

 
 
 
 
 
Secured credit facility
 
 
 
 
Variable interest rate, expiring October 2018 (net of $59.8 million and $101.3 million classified as short-term borrowings at July 31, 2017 and 2016, respectively)
 
185,719

 
293,109

 
 
 
 
 
Notes payable
 
 
 
 
12.0% and 11.8% weighted average interest rate at July 31, 2017 and 2016, respectively, due 2018 to 2022, net of unamortized discount of $1,128 and $1,566 at July 31, 2017 and 2016, respectively
 
5,958

 
8,484

Total debt, excluding unamortized debt issuance costs
 
1,670,314

 
1,786,431

Unamortized debt issuance costs
 
(18,466
)
 
(21,629
)
Less: current portion, included in other current liabilities on the consolidated balance sheets
 
2,578

 
3,921

Long-term debt
 
$
1,649,270

 
$
1,760,881



(1)
During November 2010, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021 at an offering price equal to par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to May 2019.
(2)
During November 2013, Ferrellgas, L.P. issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas, L.P. received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017. Ferrellgas, L.P. used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. During June 2014, Ferrellgas, L.P. issued an additional $150.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to 104% of par. Ferrellgas, L.P. used the net proceeds for general corporate purposes, including to repay indebtedness under its secured credit facility and to pay related transaction fees and expenses. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to November 2019.
(3)
During June 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 at an offering price equal to par. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. received $491.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to fund a portion of the cash portion of the consideration for the acquisition of the outstanding membership interests in Bridger Logistics, LLC and its subsidiaries with remaining amounts being used to repay outstanding borrowing under the secured credit facility after the closing of the acquisitions.
Scheduled Annual Principal Payments On Long-term Debt
The scheduled annual principal payments on long-term debt are as follows:
For the year ending July 31,
 
Scheduled annual principal payments

2018
 
$
2,578

2019
 
187,644

2020
 
1,180

2021
 
501,055

2022
 
370

Thereafter
 
974,978

Total
 
$
1,667,805