Ferrellgas Partners increased its accounts receivable facility securitization from $225 million to $250 million with a bank group that included Wells Fargo, PNC and Fifth Third.

The company also extended the maturity date by three years. The increase to $250 million was set at a discount rate of LIBOR plus 200 basis points. It included provisions for the issuance of letters of credit with a $50 million sublimit. The facility will continue to have provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees.

“Our accounts receivable securitization facility is an important complement to our new five-year, $575 million secured credit facility that we announced one week ago,” said James E. Ferrell, interim CEO and president of Ferrellgas. “It provides us with a low cost of capital as well as increased availability when our working capital needs peak during the colder months of the year.”

Bracewell served as legal advisor to Ferrellgas. Barnes & Thornburg served as legal advisor to the lending group.

Ferrellgas Partners provides midstream services to major energy companies in the U.S.