Loan & DebtMay 26, 2026, 09:11 AM
UGI's AmeriGas Subsidiaries Issue $500M Notes, Repurchase $175M 2028 Notes
AI Summary
UGI Corporation's indirect wholly-owned subsidiaries, AmeriGas Partners, L.P. and AmeriGas Finance Corp., issued $500.0 million aggregate principal amount of 6.875% senior unsecured notes due 2031. The proceeds, along with an equity contribution and cash on hand, are being used to repurchase existing debt. Concurrently, the subsidiaries announced the early results of a cash tender offer for their 9.375% Senior Notes due 2028, accepting $175.0 million of the tendered notes on a pro rata basis.
Key Highlights
- AmeriGas subsidiaries issued $500.0 million in 6.875% senior unsecured notes due 2031.
- The 2031 Notes will pay cash interest semi-annually starting December 1, 2026.
- Proceeds are for repurchasing outstanding 5.750% Senior Notes due 2027 and up to $175.0 million of 9.375% Senior Notes due 2028.
- $224,771,000 principal amount of 9.375% Senior Notes due 2028 were tendered by the Early Tender Deadline.
- $175,000,000 aggregate principal amount of the 9.375% Senior Notes due 2028 were accepted for purchase.
- Accepted notes will be purchased at $1,023.44 per $1,000 principal amount, including a $30.00 early tender payment.
- A proration factor of approximately 77.9% was applied due to oversubscription of the tender offer.
Price Impact
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