UGI CORP /PA/

UGI Corporation reported a narrowed net loss of $(133) million, or $(0.62) per basic share, for the three months ended June 30, 2026, compared to a net loss of $(163) million, or $(0.76) per basic share, in the same period last year. Quarterly revenues decreased to $1,331 million from $1,394 million. For the nine-month period, net income was $684 million, a slight decrease from $691 million year-over-year, while revenues remained relatively flat at $6,099 million. The company also noted significant balance sheet improvements, including an increase in cash and cash equivalents to $476 million and a substantial reduction in current maturities of long-term debt to $18 million. Strategic divestments included Flaga in November 2025 and UniverGas in June 2025.

UGI Corporation reported Q3 FY2026 adjusted diluted EPS of $(0.20), a decline from $(0.01) in the prior-year period, while GAAP diluted EPS improved to $(0.62) from $(0.76). Year-to-date adjusted diluted EPS was $3.17, down from $3.55. The company reaffirmed its fiscal 2026 adjusted diluted EPS guidance of $2.75 - $2.90. Key highlights include a proposed $65 million gas rate increase, $30 million in annualized debt cost reductions, and achieving all 2025 ESG commitments.

UGI Energy Services, a wholly owned subsidiary of UGI Corporation, entered into a Fourth Amendment to its Credit Agreement on June 30, 2026. This amendment facilitates the refinancing of $774 million in existing Term Loans through new 2026 Refinancing Term Loans. The agreement also establishes new applicable interest rates at 2.00% per annum for SOFR Loans and 1.00% per annum for base rate loans.

UGI Corporation announced that Kathleen Shea Ballay, its General Counsel and Chief Legal Officer, plans to resign from her position, effective July 3, 2026. Her responsibilities will be temporarily handled by internal legal team members until a successor is appointed.

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.

UGI Corporation's subsidiaries, AmeriGas Partners and AmeriGas Finance Corp., announced the final results of their tender offer for the 5.750% Senior Notes due 2027. The offer saw $468,471,000, or approximately 91.51%, of the notes validly tendered. The settlement is expected on May 20, 2026, with a total consideration of $1,011.18 per $1,000 principal amount. The Offerors also issued a conditional notice to redeem any remaining 2027 Notes, subject to financing conditions.

UGI International, an indirect wholly-owned subsidiary of UGI Corporation, priced a private offering of 300 million in 5.000% senior notes due 2031. The net proceeds are intended to repay short-term borrowings under its senior unsecured revolving credit facility and partially prepay its senior unsecured term loan facility. The remaining funds will be used for general corporate purposes and to cover fees and expenses related to the offering, which is expected to close around May 21, 2026.

UGI International, an indirect wholly-owned subsidiary of UGI Corporation, has commenced a private offering of 300,000,000 in senior notes. The proceeds are intended to repay short-term borrowings under its revolving credit facility, partially prepay its term loan, and for general corporate purposes. This includes facilitating a dividend payment to UGI Corp that is expected to enable an intercompany loan repayment by AmeriGas. The offering is subject to market conditions and is not guaranteed to be consummated.

UGI Corporation's indirect wholly-owned subsidiaries, AmeriGas Partners, L.P. and AmeriGas Finance Corp., priced an offering of $500 million in 6.875% senior unsecured notes due 2031. The private offering is expected to close around May 20, 2026. Proceeds, combined with a $300 million equity contribution and cash, will be used to repurchase existing notes, including the 5.750% Senior Notes due 2027 and up to $175 million of 9.375% Senior Notes due 2028, and to repay $150 million in intercompany debt.

AmeriGas Partners and AmeriGas Finance Corp., subsidiaries of UGI Corporation, commenced a private offering of $500 million in senior notes due 2031. Concurrently, they launched tender offers to repurchase any and all of their 5.750% Senior Notes due 2027 and up to $175 million of their 9.375% Senior Notes due 2028. The proceeds from the new notes, along with a $300 million equity contribution and cash on hand, will be used to fund these repurchases, redeem any remaining 2027 Notes, and repay a $150 million intercompany loan, significantly improving the company's debt maturity profile and leverage.