AmeriGas Partners LP (APU)’s bonds dropped after the largest propane distributor in the U.S. reported that its quarterly earnings declined 43 percent.
The company’s $1 billion of 7 percent notes due in May 2022 fell 1.6 cents at 10:04 a.m. in New York to 100 cents on the dollar, the price at which they were issued on Jan. 5, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. AmeriGas’s stock fell 0.4 percent to $43.46 at 11:07 a.m.
AmeriGas earned $42.5 million in the quarter ended Dec. 31, down from $74.9 million in the similar period of 2010, as it sold less propane due to warmer weather, the King of Prussia, Pennsylvania-based company said in a statement today. It issued $1.55 billion of eight- and 10-year notes this month.
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