8-K
filed May 16, 2023, 7:59 PM ET
ticker UGI
CIK 0000884614
debt
confidence high
sentiment neutral
materiality 0.10
UGI CORP /PA/ (UGI): debt financing — UGI amends credit agreements to replace LIBOR with Term SOFR plus 0.10% spread
UGI CORP /PA/
- UGI Corp. and subsidiary UGI Energy Services entered separate amendments to their revolving credit agreements on May 12, 2023.
- Both amendments replace LIBOR as reference rate with Term SOFR plus a credit spread adjustment of 0.10%.
- Interest on borrowings will be at either Term SOFR plus Applicable Rate plus 0.10% or base rate plus Applicable Rate.
- Applicable Rate is based on corporate leverage for UGI Corp. and on UGI Energy Services' leverage; no change in total commitments or maturity.
- The amendments are standard LIBOR transition actions with no new borrowing or financial impact disclosed.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
UGI CORP /PA/ amended revolving credit with JPMorgan Chase Bank, N.A. at Term SOFR plus the Applicable Rate (as defined in the UGI Energy Services Credit.
- Instrument
- revolving credit
- Counterparty
- JPMorgan Chase Bank, N.A.
- Rate
- Term SOFR plus the Applicable Rate (as defined in the UGI Energy Services Credit
- Event
- amendment
Exact text from the filing
The UGI Amendment provides that the Term SOFR Rate (as defined in the UGI Credit Agreement) shall replace LIBOR as a reference rate. After giving effect to the UGI Amendment, the UGI Credit Agreement shall bear interest at a floating rate of, at the Company’s option, either (x) Term SOFR plus the Applicable Rate (as defined in the UGI Credit Agreement) plus a credit spread adjustment of 0.10%, or (y) the base rate plus the Applicable Rate.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
UGI CORP /PA/ amended revolving credit with JPMorgan Chase Bank, N.A. at Term SOFR plus the Applicable Rate (as defined in the UGI Energy Services Credit.
- Instrument
- revolving credit
- Counterparty
- JPMorgan Chase Bank, N.A.
- Rate
- Term SOFR plus the Applicable Rate (as defined in the UGI Energy Services Credit
- Event
- amendment
Exact text from the filing
The UGI Energy Services Amendment provides that the Term SOFR Rate (as defined in the UGI Energy Services Credit Agreement) shall replace LIBOR as a reference rate. After giving effect to the UGI Energy Services Amendment, the UGI Energy Services Credit Agreement shall bear interest at a floating rate of, at the option of UGI Energy Services, either (x) Term SOFR plus the Applicable Rate (as defined in the UGI Energy Services Credit Agreement) plus a credit spread adjustment of 0.10%, or (y) the base rate plus the Applicable Rate.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
UGI CORP /PA/ amended Second Amendment to the Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (effective 2023-05-12).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
- Effective
- 2023-05-12
Exact text from the filing
On May 12, 2023, UGI Energy Services, LLC (“UGI Energy Services”), a Pennsylvania limited liability company and an indirect, wholly owned subsidiary of the Company, entered into that certain Second Amendment to the Third Amended and Restated Credit Agreement (the “UGI Energy Services Amendment”), by and among UGI Energy Services, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, which amended UGI Energy Services’ Third Amended and Restated Credit Agreement, dated as of March 6, 2020 (as amended, the “UGI Energy Services Credit Agreement”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
UGI CORP /PA/ amended Second Amendment to the Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (effective 2023-05-12).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
- Effective
- 2023-05-12
Exact text from the filing
On May 12, 2023, UGI Corporation (the “Company”) entered into that certain Second Amendment to the Amended and Restated Credit Agreement (the “UGI Amendment”), by and among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, which amended the Company’s Amended and Restated Credit Agreement, dated as of May 4, 2021 (as amended, the “UGI Credit Agreement”).
View on SEC.gov
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