Debt (Tables)

12 Months Ended

Jul. 31, 2011

	2011	2010
Senior notes
Fixed rate, 6.50%, due 2021 (1)	$ 500,000	$ -
Fixed rate, 6.75%, due 2014, net of unamortized discount of $21,974 at July 31, 2010	-	428,026
Fixed rate, 9.125%, due 2017, net of unamortized discount of $3,472
and $3,870 at July 31, 2011 and 2010, respectively (2)	296,528	296,130
Fixed rate, 8.625%, due 2020 (3)	182,000	280,000

Secured credit facility, variable interest rate, expiring November 2012
(net of $64.9 million and $67.2 million classified as short-term borrowings at July 31, 2011 and 2010, respectively)	64,573	99,797

Notes payable, 9.2% and 9.5% weighted average interest rate at July 31, 2011 and 2010, respectively, due 2011 to 2020, net of unamortized discount of $2,805 and $2,876 at July 31, 2011 and 2010, respectively	10,376	9,475
	1,053,477	1,113,428
Less: current portion, included in other current liabilities on the consolidated balance sheets	2,557	2,340
Long-term debt	$1,050,920	$1,111,088

(1)

On November 24, 2010, the operating partnership issued $500.0 million of its fixed rate senior notes. These notes are general unsecured senior obligations of the operating partnership and are effectively junior to all future senior secured indebtedness of the operating partnership, 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. The operating partnership would incur prepayment penalties if it were to repay the notes prior to 2019.

(2)

On September 14, 2009, the operating partnership issued $300.0 million of its fixed rate senior notes with a debt discount of $4.2 million that will be amortized to interest expense through 2017. These notes are senior unsecured obligations of the operating partnership and rank on an equal basis in right of payment with all senior indebtedness of the operating partnership, are senior to all subordinated indebtedness of the operating partnership and are junior to all secured indebtedness of the operating partnership. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on April 1 and October 1 of each year. The outstanding principal amount is due on October 1, 2017. The operating partnership would incur prepayment penalties if it were to repay the notes prior to 2015.

(3)

On April 13, 2010, Ferrellgas Partners issued $280.0 million of its fixed rate senior notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas Partners would incur prepayment penalties if it were to repay the notes prior to 2018.

Scheduled Annual Principal Payments On Long-term Debt

For the fiscal year ending July 31,	Scheduled annual principal payments
2012	$ 2,557
2013	2,096
2014	2,079
2015	2,028
2016	1,976
Thereafter	1,049,018
Total	$1,059,754

Ferrellgas, L.P. And Subsidiaries [Member]

Components Of Long-term Debt

	2011	2010
Senior notes
Fixed rate, 6.50%, due 2021 (1)	$ 500,000	$ -
Fixed rate, 6.75%, due 2014, net of unamortized discount of $21,974 at July 31, 2010	-	428,026
Fixed rate, 9.125%, due 2017, net of unamortized discount of $3,472 and $3,870 at July 31, 2011 and 2010, respectively (2)	296,528	296,130

Secured credit facility, variable interest rate, expiring November 2012
(net of $64.9 million and $67.2 million classified as short- term borrowings at July 31, 2011 and 2010, respectively)	64,573	99,797

Notes payable, 9.2% and 9.5% weighted average interest rate at July 31, 2011 and 2010, respectively, due 2011 to 2020, net of unamortized discount of $2,805 and $2,876 at July 31, 2011 and 2010, respectively	10,376	9,475
	871,477	833,428
Less: current portion, included in other current liabilities on the consolidated balance sheets	2,557	2,340
Long-term debt	$868,920	$831,088

(1)

On November 24, 2010, Ferrellgas, L.P. issued $500.0 million of its fixed rate senior notes. 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 2019.

(2)

On September 14, 2009, Ferrellgas, L.P. issued $300.0 million of its fixed rate senior notes with a debt discount of $4.2 million that will be amortized to interest expense through 2017. These notes are senior unsecured obligations of Ferrellgas, L.P. and rank on an equal basis in right of payment with all senior indebtedness of Ferrellgas, L.P., are senior to all subordinated indebtedness of Ferrellgas, L.P. and are junior to all secured indebtedness of Ferrellgas, L.P. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on April 1 and October 1 of each year. The outstanding principal amount is due on October 1, 2017. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to 2015.

Scheduled Annual Principal Payments On Long-term Debt

For the fiscal year ending July 31,	Scheduled annual principal payments
2012	$ 2,557
2013	2,096
2014	2,079
2015	2,028
2016	1,976
Thereafter	867,018
Total	$877,754