Davis Polk advised the joint book-running managers of an SEC-registered offering by co-issuers AmeriGas Partners, L.P. and AmeriGas Finance Corp. of $700 million aggregate principal amount of 5.500% senior notes due 2025.

Davis Polk also advised the dealer manager in connection with AmeriGas Partners’ concurrent cash tender offer to purchase up to $500 million of the outstanding 7.00% senior notes due 2022. The concurrent cash tender offer was funded with the proceeds of the notes offering.

Based in King of Prussia, PA, AmeriGas Partners is a publicly traded limited partnership and the largest retail propane distributor in the United States based on the volume of propane gallons distributed annually. AmeriGas Partners serves approximately 2 million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 1,900 propane distribution locations.

The Davis Polk capital markets team included partner Michael Kaplan and associates Ravi P. Ramchandani and Stephen A. Byeff. The tax team included partner Michael Farber and associate Dao Fu. Counsel Betty Moy Huber and associate Yuko Masunaga provided environmental advice. All members of the Davis Polk team are based in the New York office.

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