Commitment

12 Months Ended

Jul. 31, 2011

Ferrellgas Finance Corp. [Member]

Commitment

B. Commitment   During September 2009, the Partnership issued $300.0 million in aggregate principal amount of new 9.125% senior unsecured notes due 2017 at an offering price equal to 98.6% of par. Net proceeds were used to redeem all of its $82.0 million 7.24% series D notes due 2010, to redeem all of its $70.0 million 7.42% series E notes due 2013 and to fund the related $17.3 million make-whole payments. The remaining proceeds were used to reduce outstanding indebtedness under the unsecured credit facility.   During November 2010, the Partnership issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021 at an offering price equal to par. Net proceeds were used to redeem all of its $450.0 million 6.75% fixed rate senior notes due 2014, to fund the related $11.1 million make-whole payments and to pay $2.4 million of accrued interest. The remaining proceeds were used to reduce outstanding indebtedness under the secured credit facility.   During July 2011, the Partnership completed an offer to exchange $500.0 million in aggregate principal amount of its 6.50% senior notes due 2021, which have been registered under the Securities Act of 1933, as amended, for a like principal amount of its outstanding and unregistered 6.50% senior notes due 2021, which were issued during November 2010 in a private placement.   The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership.   The senior notes agreements contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness. As of July 31, 2011, the Partnership is in compliance with all requirements, tests, limitations and covenants related to these debt agreements.  

Ferrellgas Partners Finance Corp. [Member]

Commitment

B. Commitment   During April 2010, the Partnership completed a public offering of $280.0 million in aggregate principal amount of new 8.625% senior unsecured notes due 2020. The Partnership may redeem some or all of the aggregate principal amount of the notes at any time after June 15, 2015. The proceeds from these notes were used to redeem the Partnership's $268.0 million of 8.75% senior notes due 2012 and to pay the related prepayment premiums of $3.4 million.   During March 2011, the Partnership redeemed $98.0 million of its $280.0 million 8.625% fixed rate senior notes due 2020, paid an $8.4 million make-whole payment and paid $2.4 million of accrued interest.   The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership.   The senior unsecured notes contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness. As of July 31, 2011, the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement.