Contingencies and commitments |
12 Months Ended |
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Jul. 31, 2026 | |
| Contingencies and commitments | |
| Contingencies and commitments | O. Contingencies and commitments Litigation Ferrellgas’ policy is to expense litigation costs as incurred. Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to the handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. As a result, at any given time, we can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. We are not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on our consolidated financial condition, results of operations and cash flows. Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing our senior notes. See Note G “Debt” for a description of these debt obligations and a schedule of future maturities.
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| Ferrellgas Partners Finance Corp | |
| Contingencies and commitments | |
| Contingencies and commitments | B. Contingencies and commitments Partners Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. As of July 31, 2026, Ferrellgas Partners had no debt securities outstanding, and Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities. |
| Ferrellgas Finance Corp | |
| Contingencies and commitments | |
| Contingencies and commitments | B. Contingencies and commitments Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. On October 27, 2025, the operating partnership and Ferrellgas Finance Corp. (collectively, the “Issuers”) issued $650.0 million aggregate principal amount of 9.250% senior notes due January 15, 2031 (the “2031 Notes”) at an offering price equal to 100% of the principal amount thereof. Net proceeds of approximately $637.5 million, after deducting the initial purchasers’ discount and offering expenses were used, together with cash on hand, to redeem all $650.0 million aggregate principal amount of the Issuers’ 5.375% senior notes due April 1, 2026. As of July 31, 2026, Finance Corp. was liable as co-issuer and co-obligor for the operating partnership’s (i) $825 million aggregate principal amount of unsecured senior notes due April 1, 2029, issued on March 30, 2021, and (ii) the 2031 Notes. Finance Corp. is also liable for borrowings under the operating partnership’s Credit Facility. On October 27, 2025, the operating partnership entered into the Seventh Amendment to the Credit Agreement which, among other things, extended the maturity date to October 27, 2028 and increased the maximum borrowing capacity to $350.0 million, with availability subject to a periodic borrowing base calculation, and an accordion feature allowing for increases by up to $50.0 million in the aggregate subject to customary conditions. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit. Short-term borrowings under the Credit Facility were $87.5 million as of July 31, 2026 at a weighted-average interest rate of 6.7%. On August 27, 2026, the operating partnership borrowed an additional $20.0 million at a 7.0% interest rate for working capital requirements. |