UGI Corporation Accepts $475M in Senior Notes Tender Offer

By Tamara Parker • Wednesday, June 26 16:59 • Permanent Link

AmeriGas Partners, L.P. and AmeriGas Finance Corp., both subsidiaries of UGI Corporation (NYSE: UGI), have announced the early tender results for their cash tender offer for their 5.500% senior notes due 2025, as well as an increase in the maximum aggregate principal amount of the notes that they will accept for purchase.

As of the early tender deadline, which was 5:00 p.m. New York City time on June 25, 2024, a total of $632,586,000 of the notes had been tendered and not validly withdrawn. This amount exceeds the previously announced amount of $450,000,000, leading to an increase in the maximum aggregate principal amount accepted for purchase to $475,000,000.

Given that the offer for the notes is fully subscribed at the early tender deadline, the offerors will not accept for purchase any notes tendered after this date. The notes that were validly tendered prior to or at the early tender deadline and accepted for purchase will be settled on June 27, 2024.

It's important to note that any notes tendered and not accepted for purchase will be promptly credited to the tendering holder’s account.

The acceptance of the tendered notes was made in accordance with the offer terms as described in the offer to purchase, and any tendered notes that exceed the tender cap will be accepted on a pro rata basis, subject to a proration factor of approximately 75.17%.

BNP Paribas Securities Corp. is serving as the dealer manager for the offer, and inquiries regarding the offer should be directed to them. Additionally, requests for copies of the offer to purchase and related documents should be directed to D.F. King & Co., Inc., the information and tender agent for the offer.

It's important to note that this press release does not constitute an offer to purchase or a solicitation of an offer to purchase any securities, nor does 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. The market has reacted to these announcements by moving the company's shares 1.0% to a price of $22.93. If you want to know more, read the company's complete 8-K report here.

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