UGI (NYSE: UGI) refinances AmeriGas debt with $500M 6.875% 2031 notes
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
UGI Corporation, through subsidiaries AmeriGas Partners and AmeriGas Finance Corp., issued $500 million of 6.875% senior unsecured notes due 2031. These notes pay interest semi-annually and include optional redemption features and covenants limiting additional debt, liens, asset sales, and affiliate transactions.
UGI plans to use the proceeds, along with an equity contribution and cash on hand, to fully repurchase or redeem its 5.750% senior notes due 2027, repurchase up to $175 million of 9.375% senior notes due 2028, repay $150 million of intercompany debt, and pay related fees. The 2027 notes have been placed for full redemption, and the related indenture has been satisfied and discharged.
For the 9.375% 2028 notes, holders tendered $224.8 million in principal by the early tender deadline against a $175 million cap. Accepted tenders will be prorated at approximately 77.9%, with holders receiving total consideration of $1,023.44 per $1,000 principal plus accrued interest.
Positive
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Negative
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Insights
UGI refinances AmeriGas debt by issuing longer-dated notes and retiring costlier obligations.
UGI subsidiaries issued $500.0 million of 6.875% senior unsecured notes due 2031, adding a new long-term layer to the capital structure. The notes carry standard covenants on additional indebtedness, liens, restricted payments, asset sales, and affiliate transactions.
Proceeds, together with an equity contribution and cash on hand, are earmarked to retire 5.750% notes due 2027, repurchase up to $175.0 million of 9.375% notes due 2028, repay an intercompany loan of $150.0 million, and pay fees. This shifts debt maturities and replaces higher-coupon paper with the 6.875% notes, though net interest impact depends on final amounts outstanding.
The 2028 notes tender offer is fully subscribed at the early tender cap, with $224,771,000 tendered versus a $175,000,000 cap and a proration factor of about 77.9%. The 2027 notes indenture has been satisfied and discharged, removing that series from AmeriGas’s outstanding public debt and simplifying its liability profile.
8-K Event Classification
5 items: 1.01, 1.02, 2.03, 8.01, 9.01
5 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 1.02
Termination of a Material Definitive Agreement
Business
A significant contract was terminated, which may affect business operations or revenue.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
New 2031 notes issuance: $500.0 million
2031 notes coupon: 6.875%
Maximum 2028 notes repurchase: $175.0 million
+5 more
8 metrics
New 2031 notes issuance
$500.0 million
Aggregate principal amount of 6.875% senior unsecured notes due 2031
2031 notes coupon
6.875%
Annual interest rate on new senior unsecured notes
Maximum 2028 notes repurchase
$175.0 million
Tender offer cap for 9.375% senior notes due 2028
Intercompany loan repayment
$150.0 million
Outstanding indebtedness repaid under intercompany loan to UGI International, LLC
2027 notes tendered
$468,471,000
Aggregate principal amount of 5.750% notes due 2027 validly tendered
2028 notes principal outstanding
$492,800,000
Principal amount of 9.375% senior notes due 2028 before tender
2028 notes tendered early
$224,771,000
Principal amount of 9.375% notes due 2028 tendered by early deadline
Total consideration per 2028 note
$1,023.44 per $1,000
Price paid for 9.375% 2028 notes accepted at early tender, excluding interest
Key Terms
Change of Control Triggering Event, make-whole premium, Applicable Premium, Senior Secured Revolving Credit Facility, +2 more
6 terms
Change of Control Triggering Event financial
"The Issuers or a third party have the right to redeem the 2031 Notes at 101.0% ... following the consummation of a Change of Control Triggering Event"
A change of control triggering event is a corporate transaction or shift—such as a merger, sale of a majority of shares, or a new party gaining board control—that automatically activates specific contractual rights or penalties. Investors care because these triggers can accelerate debt repayment, alter executive compensation, terminate agreements, or prompt buyouts, and those outcomes can materially affect a company’s value, cash flow and stock price like a sudden change in who runs or owns a household.
Senior Secured Revolving Credit Facility financial
"including the indebtedness of the Operating Partnership incurred under the Operating Partnership’s certain Senior Secured Revolving Credit Facility"
A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.
restrictive covenants financial
"The 2031 Notes Indenture contains covenants that limit AmeriGas Partners’ and its restricted subsidiaries’ ability to, among other things: (i) incur additional indebtedness"
Restrictive covenants are contract terms that limit what a company, its executives, or shareholders can do—like rules that prohibit selling stock, starting a rival business, or taking on certain debts. Think of them as house rules that protect one party’s interests by keeping risky or competitive actions off the table. For investors they matter because these limits affect a company’s flexibility, governance, potential future value and the ease of exiting an investment.
tender offer financial
"cash tender offer (the “2028 Notes Tender Offer”) of up to $175.0 million aggregate principal amount of the Issuers’ 2028 Notes"
A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 20, 2026
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: 610 337-1000
Not Applicable
Former Name or Former Address, if Changed Since Last Report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Senior Notes Issued by AmeriGas Partners and Finance Corp.
On May 20, 2026, AmeriGas Partners, L.P. (“AmeriGas Partners”) and AmeriGas Finance Corp. (“Finance Corp.” and, together with AmeriGas Partners, the “Issuers”), indirect, wholly owned subsidiaries of UGI Corporation (the “Company”), issued $500.0 million aggregate principal amount of their 6.875% senior unsecured notes due 2031 (the “2031 Notes” and the offering of the 2031 Notes, the “Offering”). The 2031 Notes were issued pursuant to an Indenture, dated as of May 20, 2026 (the “2031 Notes Indenture”), between the Issuers and U.S. Bank Trust Company, National Association (“USBTC”), as trustee (the “Trustee”). The 2031 Notes will pay cash interest semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2026. The 2031 Notes were issued in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in transactions outside of the United States in reliance on Regulation S under the Securities Act.
Optional Redemption Provisions and Change of Control Triggering Event Repurchase Right
At any time and from time to time prior to June 1, 2028, upon not less than 10 nor more than 60 days’ notice, the 2031 Notes will be redeemable at the Issuers’ option, in whole at any time or in part from time to time, at a price equal to 100.0% of the principal amount of the 2031 Notes redeemed, plus a make-whole premium as set forth in the 2031 Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. At any time and from time to time on or after June 1, 2028, upon not less than 10 nor more than 60 days’ notice, the Issuers may redeem all or a part of the 2031 Notes, at their option, subject to the payment of a redemption price together with accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The redemption price includes a call premium that declines (from 3.438% to 0.000%) depending on the year of redemption.
In addition, at any time prior to June 1, 2028, the Issuers may redeem up to 40.0% of the aggregate principal amount of the 2031 Notes at a redemption price equal to 106.875% of the principal amount thereof, together with accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, with the net cash proceeds of one or more equity offerings by AmeriGas Partners or any direct or indirect parent of AmeriGas Partners (including the Company).
The Issuers or a third party have the right to redeem the 2031 Notes at 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption following the consummation of a Change of Control Triggering Event, as defined in the 2031 Notes Indenture, if at least 90% of the 2031 Notes outstanding prior to such date of purchase are purchased pursuant to a change of control offer with respect to such Change of Control Triggering Event. The holders of the 2031 Notes will also have the right to require the Issuers to repurchase the 2031 Notes upon the occurrence of a Change of Control Triggering Event at an offer price equal to 101.0% of the principal amount of the 2031 Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.
Ranking
The 2031 Notes are the Issuers’ senior unsecured joint and several obligations. The 2031 Notes will rank equally in right of payment with all of the Issuers’ existing and future senior unsecured indebtedness. The 2031 Notes are effectively junior to any of the Issuers’ secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally subordinated in right of payment to all indebtedness and other liabilities of the Issuers’ subsidiaries that do not guarantee the 2031 Notes, including any obligations of AmeriGas Partners’ operating partnership, AmeriGas Propane, L.P. (the “Operating Partnership”), including the indebtedness of the Operating Partnership incurred under the Operating Partnership’s certain Senior Secured Revolving Credit Facility, dated as of August 2, 2024, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.
Restrictive Covenants
The 2031 Notes Indenture contains covenants that limit AmeriGas Partners’ and its restricted subsidiaries’ ability to, among other things: (i) incur additional indebtedness; (ii) create or incur liens; (iii) engage in transactions with affiliates; (iv) engage in mergers or consolidations or sell all or substantially all of the Issuers’ assets; (v) make restricted payments, loans and investments; (vi) enter into business combinations and sell assets; and (vii) engage in other lines of business. The 2031 Notes Indenture also contains customary events of default.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the 2031 Notes Indenture. A copy of the 2031 Notes Indenture is attached as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Use of Proceeds
The Issuers used (or intend to use in the case of clause (ii) below) the net proceeds of the issuance of the 2031 Notes, together with cash received by AmeriGas Partners in connection with an equity contribution by its parent, originally funded by a subsidiary of the Company, and cash on hand, to (i) repurchase or redeem in full the Issuers’ outstanding 5.750% Senior Notes due 2027 (the “2027 Notes”), (ii) repurchase up to $175.0 million aggregate principal amount of the Issuers’ outstanding 9.375% Senior Notes due 2028 (the “2028 Notes”), (iii) repay $150.0 million in outstanding indebtedness under an intercompany loan between AmeriGas Partners and UGI International, LLC, and (iv) pay related fees and expenses.
Item 1.02 Termination of a Material Definitive Agreement.
As disclosed in the Company’s Current Report on Form 8-K, filed on May 18, 2026, holders of $468,471,000 in aggregate principal amount validly tendered (and did not validly withdraw) their 2027 Notes as of the expiration of the Tender Offer (as defined therein). On May 20, 2026, the Issuers accepted for purchase (and purchased) the 2027 Notes validly tendered as of the expiration for a total consideration of $1,011.18 for each $1,000 principal amount of the 2027 Notes tendered, plus accrued and unpaid interest up to, but excluding, May 20, 2026.
On May 11, 2026, the Issuers directed USBTC, as trustee (the “2027 Trustee”) under the indenture, dated as of June 27, 2016 (the “2027 Notes Base Indenture”), as supplemented by a Third Supplemental Indenture, dated as of February 13, 2017 (the “2027 Notes Supplemental Indenture” and, together with the 2027 Notes Base Indenture, the “2027 Notes Indenture”), between the Issuers and the 2027 Trustee, to issue a conditional notice of full redemption to redeem all of the outstanding principal amount of the Issuers’ 2027 Notes.
The 2027 Notes will be redeemed on June 10, 2026 (the “Redemption Date”), at a price equal to (i) 100.000% of the principal amount of the 2027 Notes redeemed, plus the Applicable Premium as of the Redemption Date, which will be calculated by or on behalf of the Issuers pursuant to the formula set forth in the 2027 Notes Supplemental Indenture (the “Redemption Price”), and (ii) accrued and unpaid interest thereon (from the May 20, 2026 interest payment date) to, but excluding, the Redemption Date (together with the Redemption Price, the “Redemption Payment”). On and after the Redemption Date, interest will cease to accrue on the 2027 Notes called for redemption (subject to Section 11.06 of the 2027 Notes Base Indenture) and, accordingly, no interest will be paid on such 2027 Notes on the November 20, 2026 interest payment date.
On May 20, 2026, the Issuers deposited with the 2027 Trustee $44,139,692.58 in trust and irrevocably instructed the 2027 Trustee to apply the money deposited with the 2027 Trustee toward the redemption in full of the remaining 2027 Notes on the Redemption Date. Upon deposit of the redemption payments, the 2027 Notes Indenture was satisfied and discharged in accordance with its terms with respect to the 2027 Notes. As a result of the satisfaction and discharge of the 2027 Notes Indenture with respect to the 2027 Notes, the Issuers have been released from their obligations under the 2027 Notes Indenture with respect to the 2027 Notes except with respect to those provisions of the 2027 Notes Indenture that, by their terms, survive the satisfaction and discharge of the 2027 Notes Indenture with respect to the 2027 Notes.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The information required by Item 2.03 relating to the 2031 Notes and the 2031 Notes Indenture is contained in Item 1.01 of this Current Report on Form 8-K above and is incorporated herein by reference.
Item 8.01 Other Events.
On May 26, 2026, the Issuers announced the early tender results for the previously announced cash tender offer (the “2028 Notes Tender Offer”) of up to $175.0 million aggregate principal amount of the Issuers’ 2028 Notes then outstanding.
As of the previously announced early tender date and time of 5:00 p.m., New York City time, on May 22, 2026 (the “Early Tender Deadline”), a total of $224,771,000 in aggregate principal amount representing approximately 45.6% of the Issuers’ 2028 Notes were validly tendered and not validly withdrawn.
As the aggregate principal amount of the 2028 Notes validly tendered and not validly withdrawn as of the Early Tender Deadline exceeds $175,000,000, which is the maximum aggregate principal amount of the 2028 Notes that the Issuers will accept for purchase, any such tendered 2028 Notes will be accepted on a pro rata basis as set forth in the Offer to Purchase, dated May 11, 2026 (the “Offer to Purchase”), subject to a proration factor of approximately 77.9%. As described further in the Offer to Purchase, any 2028 Notes tendered and not accepted for purchase will be promptly credited to the tendering holder’s account. Since the 2028 Notes Tender Offer is fully subscribed at the Early Tender Deadline, the Issuers will not accept for purchase any 2028 Notes tendered after the Early Tender Deadline.
A copy of the press release issued by the Company regarding the early results of the 2028 Notes Tender Offer is attached hereto as Exhibit 99.1.
This Current Report on Form 8‑K shall not constitute an offer to sell or the solicitation of an offer to buy the offered securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number: | Description | ||||
| 4.1 | Indenture, dated as of May 20, 2026, between the Issuers and U.S. Bank Trust Company, National Association, as trustee (including the form of 2031 Notes). | ||||
| 99.1 | Press Release of UGI Corporation dated May 26, 2026 announcing the early results of previously announced cash tender offer for AmeriGas Partners, L.P.’s and AmeriGas Finance Corp.’s 9.375% Senior Notes due 2028. | ||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UGI Corporation | ||||||||
| May 26, 2026 | By: | /s/ Jessica A. Milner | ||||||
| Name: | Jessica A. Milner | |||||||
| Title: | Secretary | |||||||
EXHIBIT 99.1
AmeriGas Partners, L.P. and AmeriGas Finance Corp. Announce Early Results of Previously Announced Tender Offer for up to $175 Million Aggregate Principal Amount of their Outstanding 9.375% Senior Notes due 2028.
May 26, 2026
VALLEY FORGE, Pa.—(BUSINESS WIRE)—May 26, 2026—UGI Corporation (NYSE: UGI) (the “Company”) announced today the early tender results for the previously announced cash tender offer (the “Offer”) by its subsidiaries, AmeriGas Partners, L.P. (“AmeriGas Partners”) and AmeriGas Finance Corp. (together with AmeriGas Partners, the “Offerors”) for the Offerors’ 9.375% Senior Notes due 2028 (the “Notes”).
The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated May 11, 2026 (the “Offer to Purchase”). The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Offer. All other terms of the Offer as previously announced in the Offer to Purchase remain unchanged.
As of the previously announced early tender date and time of 5:00 p.m., New York City time, on May 22, 2026 (the “Early Tender Deadline”), according to information provided by D.F. King & Co., Inc., the tender agent and information agent for the Offer, the aggregate principal amount of the Notes as set forth in the table below under “Principal Amount Tendered at Early Tender Deadline” has been validly tendered and not validly withdrawn. Withdrawal rights expired at 5:00 p.m., New York City time, on the Early Tender Deadline.
Title of Security | CUSIP Nos. | Principal Amount Outstanding | Principal Amount Tendered at Early Tender Deadline | Aggregate Principal Amount Accepted for Purchase | ||||||||||||||||||||||||||||||||||||||||||||||
030981AM6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
9.375% Senior Notes due 2028 | U03030AB6 | $ | 492,800,000 | $ | 224,771,000 | $ | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||
The Offerors intend to make payment for the Notes that were validly tendered prior to or at the Early Tender Deadline and that are accepted for purchase on May 27, 2026 (the “Initial Settlement Date”).
Holders of such Notes to be purchased on the Initial Settlement Date will receive total consideration of $1,023.44 for each $1,000 principal amount of the Notes tendered, which includes the early tender payment of $30.00 per $1,000 principal amount, plus accrued and unpaid interest up to, but excluding, the Initial Settlement Date for such Notes accepted for purchase.
The acceptance of tendered Notes will be made in accordance with the Offer terms as described in the Offer to Purchase. As the aggregate principal amount of the Notes validly tendered and not validly withdrawn as of the Early Tender Deadline exceeds $175,000,000, which is the maximum aggregate principal amount of the Notes that the Offerors will accept for purchase, any such tendered Notes will be accepted on a pro rata basis as set forth in the Offer to Purchase, subject to a proration factor of approximately 77.9%. As described further in the Offer to Purchase, any Notes tendered and not accepted for purchase will be promptly credited to the tendering holder’s account. Since the Offer for the Notes is fully subscribed at the Early Tender Deadline, the Offerors will not accept for purchase any Notes tendered after the Early Tender Deadline.
Information Relating to the Offer
BNP Paribas Securities Corp. is the dealer manager for the Offer. Questions regarding the Offer should be directed to BNP Paribas Securities Corp. at dl.us.liability.management@us.bnpparibas.com, Attn: Liability Management Group or by calling toll-free at 888-210-4358 or 212-841-3059 (collect). Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc., the Tender Agent and Information Agent for the Tender Offer, at (800) 821-2712 (toll free) or 212-651-9295.
The Offer is being made solely by means of the Offer to Purchase. This press release shall not constitute an offer to purchase or a solicitation of an offer to purchase any securities, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.
Cautionary Statements:
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, Section 27A of the Securities Act of 1933, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the Offerors’ intention to purchase any Notes. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this press release and are based on current expectations and involve a number of assumptions, risks, and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements contained in AmeriGas Partners’ most recent annual report and in the Company’s filings with the U.S. Securities and Exchange Commission, and in the Company’s and the Offerors’ other communications with investors. The Company and the Offerors disclaim any obligation to update or revise any forward-looking statements.
About AmeriGas Partners
AmeriGas Partners is the largest retail propane marketer in the United States, with approximately 800 million gallons of propane sold annually to over 1.0 million customers from approximately 1,390 locations as of September 30, 2025.
About UGI
UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.
INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
FAQ
What new debt did UGI (UGI) subsidiaries issue in this 8-K?
AmeriGas Partners and AmeriGas Finance Corp. issued $500 million of 6.875% senior unsecured notes due 2031. These notes pay cash interest semi-annually on June 1 and December 1, starting December 1, 2026, and include customary covenants and redemption features.
How will UGI (UGI) use the $500 million 2031 notes proceeds?
The proceeds, plus an equity contribution and cash on hand, are allocated to fully repurchase or redeem 5.750% senior notes due 2027, repurchase up to $175 million of 9.375% notes due 2028, repay $150 million of intercompany debt, and cover related fees and expenses.
What happened to AmeriGas’s 5.750% senior notes due 2027?
Holders tendered $468,471,000 in 2027 notes, which the issuers purchased at $1,011.18 per $1,000 principal plus accrued interest. Remaining 2027 notes will be redeemed on June 10, 2026, and the related indenture has been satisfied and discharged for that series.
What are the early tender results for UGI (UGI) 9.375% notes due 2028?
For the 9.375% senior notes due 2028, $224,771,000 in principal, about 45.6% of the series, was tendered by the early deadline. The offer caps purchases at $175,000,000, so acceptances will be prorated at approximately 77.9% under the Offer to Purchase terms.
What consideration will UGI (UGI) pay for 2028 notes accepted in the tender?
Holders whose 9.375% 2028 notes are accepted will receive total consideration of $1,023.44 per $1,000 principal, including a $30.00 early tender payment, plus accrued and unpaid interest up to, but excluding, the Initial Settlement Date of May 27, 2026.
Can investors still tender 9.375% 2028 notes to UGI (UGI)?
The offer for the 9.375% senior notes due 2028 is fully subscribed at the early tender deadline. Because tenders already exceed the $175,000,000 cap, the issuers will not accept any additional notes tendered after the early tender deadline.