Loan & DebtOct 2, 2026, 04:36 PM
UGI Subsidiary Mountaineer Gas Places $50M Senior Notes
AI Summary
UGI Corporation announced that its indirect, wholly owned subsidiary, Mountaineer Gas Company, entered into a Note Purchase Agreement for the private placement of $50 million in aggregate principal amount of Senior Notes. The issuance includes $30 million of 5.95% Senior Notes, Series H, due 2038, and $20 million of 6.05% Senior Notes, Series I, due 2041. Proceeds are intended for refinancing indebtedness and general corporate purposes. The agreement contains customary covenants and events of default.
Key Highlights
- Mountaineer Gas Company, a UGI Corp subsidiary, issued $50 million in Senior Notes.
- The notes comprise $30 million of 5.95% Senior Notes, Series H, maturing in 2038.
- The notes also comprise $20 million of 6.05% Senior Notes, Series I, maturing in 2041.
- Proceeds will be used to refinance existing debt and for general corporate purposes.
- The Note Purchase Agreement includes covenants on asset sales, debt ratios, and EBITDA.
- Restrictive covenants limit asset sales to 15% of consolidated total assets annually.
- Total debt to total capitalization ratio must not exceed 0.65 to 1.00.
Price Impact
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