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Chris Paryse on Ferrellgas's big conversion $FGPR, Sonic AI
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Chris Paryse on Ferrellgas's big conversion $FGPR
Yet Another Value Podcast
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Mar 20, 2026
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46:56
Interview
Chris Paryse on Ferrellgas's big conversion $FGPR
From
Yet Another Value Podcast
Chris Paryse
(guest)
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Executive Summary
Ferrellgas (FGPR), the second-largest U.S.
propane distributor, recently simplified its complex post-bankruptcy capital structure by converting its Class B units into Class A units, a major catalyst that increases the public float and paves the way for a potential relisting on a major exchange.
The company operates with a high-leverage balance sheet (approx.
6.8x) following its 2021 emergence from bankruptcy, with a key focus on managing its debt, particularly a high-cost preferred stock tranche that must be redeemed at a 12.25% IRR.
The investment thesis hinges on several future events: a potential relisting by summer 2024, the reinstatement of a dividend around March 2025, and a long-term strategy to consolidate the fragmented propane market through M&A.
Despite the high leverage, the business generates stable EBITDA (around $330-$340 million annually) and is expected to produce $85-$90 million in pro forma free cash flow, providing a path to delever and create equity value.
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Post-Bankruptcy Turnaround & Capital Structure Simplification
High Leverage and Deleveraging Path
M&A as a Long-Term Value Driver
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