Ferrellgas Partners, L.P. conducts its activities primarily through its subsidiary, Ferrellgas, L.P., which was formed to acquire, own and operate the propane business and assets of Ferrellgas, Inc. Ferrellgas, L.P. accounts for nearly all of Ferrellgas Partner's consolidated assets, sales and operating earnings, except for interest expense related to $160 million of 9 3/8% Senior Secured Notes issued by Ferrellgas Partners in April 1996 and a related interest rate swap agreement entered into in April 2000. Ferrellgas Partners is the sole limited partner of Ferrellgas, L.P. with a 99% limited partner interest.