Debt (Tables)
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12 Months Ended |
Jul. 31, 2019 |
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| Debt Instrument [Line Items] |
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| Schedule of Debt Components |
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2019
|
|
2018
|
|
Senior notes
|
|
|
|
|
|
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Fixed rate, 6.50%, due 2021 (1)
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|
$
|
500,000
|
|
$
|
500,000
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|
Fixed rate, 6.75%, due 2023 (2)
|
|
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500,000
|
|
|
500,000
|
|
Fixed rate, 6.75%, due 2022, net of unamortized premium of $1,633 and $2,375 at 2019 and 2018, respectively (3)
|
|
|
476,633
|
|
|
477,375
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|
Fixed rate, 8.625%, due 2020, net of unamortized discount of $1,319 and $3,766 at 2019 and 2018, respectively (4)
|
|
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355,681
|
|
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353,234
|
|
|
|
|
|
|
|
|
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Senior secured term loan
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|
|
|
|
|
|
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Variable interest rate, Term Loan, expected to mature May 2023 (5)
|
|
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275,000
|
|
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275,000
|
|
|
|
|
|
|
|
|
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Notes payable
|
|
|
|
|
|
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10.7% and 11.2% weighted average interest rate at July 31, 2019 and 2018, respectively, due 2020 to 2029, net of unamortized discount of $711 and $977 at July 31, 2019 and 2018, respectively
|
|
|
5,962
|
|
|
6,221
|
|
Total debt, excluding unamortized debt issuance and other costs
|
|
|
2,113,276
|
|
|
2,111,830
|
|
Unamortized debt issuance and other costs
|
|
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(24,516)
|
|
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(30,791)
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|
Less: current portion of long-term debt
|
|
|
631,756
|
|
|
2,402
|
|
Long-term debt
|
|
$
|
1,457,004
|
|
$
|
2,078,637
|
|
(1)
| |
During November 2010, the operating partnership issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021. These notes are general unsecured senior obligations of the operating partnership and are effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt. 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. |
|
(2)
| |
During June 2015, the operating partnership issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of the operating partnership and are effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt. 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 operating partnership would incur prepayment penalties if it were to repay the notes prior to June 2021. |
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(3)
| |
During fiscal 2014, the operating partnership issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022. These notes are general unsecured senior obligations of the operating partnership and are effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to November 2019. |
|
(4)
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During January 2017, Ferrellgas Partners issued $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020, issued at 96% of par. Ferrellgas Partners 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 previous senior secured credit facility. During April 2010, Ferrellgas Partners issued $280.0 million of its fixed rate senior notes. During March 2011, Ferrellgas Partners redeemed $98.0 million of these fixed rate senior notes. These notes are general unsecured senior obligations of Ferrellgas Partners and are structurally subordinated to all existing and future indebtedness and obligations of the operating partnership. 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. |
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(5)
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The Senior Secured Credit Facility, including the Term Loan, will mature on the earlier of (i) May 4, 2023 and (ii) the date that is 90 days prior to the earliest maturity date of any series of the operating partnership’s outstanding notes after giving effect to any extensions or refinancings thereof. As of this filing, the earliest maturity date of any series of the operating partnership’s outstanding notes is May 1, 2021, except for the reclassification of the Term Loan from long-term to current. See additional discussion below under “Senior secured credit facilities.” |
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| Scheduled Annual Principal Payments On Long-term Debt |
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|
|
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|
|
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Scheduled annual
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For the year ending July 31,
|
|
principal payments
|
|
2020
|
|
$
|
634,052
|
|
2021
|
|
|
501,842
|
|
2022
|
|
|
476,187
|
|
2023
|
|
|
500,756
|
|
2024
|
|
|
292
|
|
Thereafter
|
|
|
544
|
|
Total
|
|
$
|
2,113,673
|
|
| Ferrellgas, L.P. [Member] |
|
| Debt Instrument [Line Items] |
|
| Schedule of Debt Components |
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
Senior notes
|
|
|
|
|
|
|
|
Fixed rate, 6.50%, due 2021 (1)
|
|
$
|
500,000
|
|
$
|
500,000
|
|
Fixed rate, 6.75%, due 2023 (2)
|
|
|
500,000
|
|
|
500,000
|
|
Fixed rate, 6.75%, due 2022, net of unamortized premium of $1,633 and $2,375 at 2019 and 2018, respectively (3)
|
|
|
476,633
|
|
|
477,375
|
|
|
|
|
|
|
|
|
|
Senior secured term loan
|
|
|
|
|
|
|
|
Variable interest rate, Term Loan, expected to mature May 2023 (4)
|
|
|
275,000
|
|
|
275,000
|
|
|
|
|
|
|
|
|
|
Notes payable
|
|
|
|
|
|
|
|
10.7% and 11.2% weighted average interest rate at July 31, 2019 and 2018, respectively, due 2020 to 2029, net of unamortized discount of $711 and $977 at July 31, 2019 and 2018, respectively
|
|
|
5,962
|
|
|
6,221
|
|
Total debt, excluding unamortized debt issuance and other costs
|
|
|
1,757,595
|
|
|
1,758,596
|
|
Unamortized debt issuance and other costs
|
|
|
(23,562)
|
|
|
(28,057)
|
|
Less: current portion of long-term debt
|
|
|
277,029
|
|
|
2,402
|
|
Long-term debt
|
|
$
|
1,457,004
|
|
$
|
1,728,137
|
|
(1)
| |
During November 2010, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt. 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. |
|
(2)
| |
During June 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt. 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, L.P. would incur prepayment penalties if it were to repay the notes prior to June 2021. |
|
(3)
| |
During fiscal 2014, Ferrellgas, L.P. issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to November 2019. |
|
(4)
| |
The Senior Secured Credit Facility, including the Term Loan, will mature on the earlier of (i) May 4, 2023 and (ii) the date that is 90 days prior to the earliest maturity date of any series of the operating partnership’s outstanding notes after giving effect to any extensions or refinancings thereof. As of this filing, the earliest maturity date of any series of the operating partnership’s outstanding notes is May 1, 2021, except for the reclassification of the Term Loan from long-term to current. See additional discussion below under “Senior secured credit facilities.” |
|
| Scheduled Annual Principal Payments On Long-term Debt |
|
|
|
|
|
|
For the year ending July 31,
|
|
Scheduled annual
principal payments
|
|
2020
|
|
$
|
277,052
|
|
2021
|
|
|
501,842
|
|
2022
|
|
|
476,187
|
|
2023
|
|
|
500,756
|
|
2024
|
|
|
292
|
|
Thereafter
|
|
|
544
|
|
Total
|
|
$
|
1,756,673
|
|