UGI CORP /PA/ (UGI): debt financing — UGI Utilities issues $250M in senior notes across three tranches with rates 6.02%-6.40%

UGI CORP /PA/

$25M Series A 6.02% due Nov 2030, $150M Series B 6.10% due Nov 2033, $75M Series C 6.40% due Nov 2053.
Proceeds will be used to refinance indebtedness and for general corporate purposes.
Notes are unsecured, unsubordinated obligations of UGI Utilities, ranking pari passu with existing debt.
Covenants include debt-to-capitalization ratio ≤0.65, asset sale limit 15% of total assets, and change-in-control put.
Funding occurred on Nov 30, 2023; interest payable semiannually on May 30 and Nov 30.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

UGI CORP /PA/ incurred senior notes of $25 million aggregate principal amount of 6.02% Senior Notes, Series A with certain persons (the "Utilities Note Purchasers") at 6.02% maturing November 30, 2030.

Instrument: senior notes
Principal: $25 million aggregate principal amount of 6.02% Senior Notes, Series A
Counterparty: certain persons (the "Utilities Note Purchasers")
Rate: 6.02%
Maturity: November 30, 2030
Event: incurrence

Exact text from the filing

On November 30, 2023, UGI Utilities, Inc. (“UGI Utilities”), a wholly owned subsidiary of UGI Corporation (the “Company”), entered into a Note Purchase Agreement (the “Utilities Note Purchase Agreement”) with certain persons (the “Utilities Note Purchasers”) relating to the private placement of $25 million aggregate principal amount of 6.02% Senior Notes, Series A, with a maturity date of November 30, 2030

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

UGI CORP /PA/ incurred senior notes of $75 million aggregate principal amount of 6.40% Senior Notes, Series C with certain persons (the "Utilities Note Purchasers") at 6.40% maturing November 30, 2053.

Instrument: senior notes
Principal: $75 million aggregate principal amount of 6.40% Senior Notes, Series C
Counterparty: certain persons (the "Utilities Note Purchasers")
Rate: 6.40%
Maturity: November 30, 2053
Event: incurrence

Exact text from the filing

$75 million aggregate principal amount of 6.40% Senior Notes, Series C, with a maturity date of November 30, 2053

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

UGI CORP /PA/ incurred senior notes of $150 million aggregate principal amount of 6.10% Senior Notes, Series B with certain persons (the "Utilities Note Purchasers") at 6.10% maturing November 30, 2033.

Instrument: senior notes
Principal: $150 million aggregate principal amount of 6.10% Senior Notes, Series B
Counterparty: certain persons (the "Utilities Note Purchasers")
Rate: 6.10%
Maturity: November 30, 2033
Event: incurrence

Exact text from the filing

$150 million aggregate principal amount of 6.10% Senior Notes, Series B, with a maturity date of November 30, 2033

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

UGI CORP /PA/ entered into Utilities Note Purchase Agreement with certain persons (the "Utilities Note Purchasers") valued at $25 million aggregate principal amount of 6.02% Senior Notes, Series A, $150 million aggregate princ (effective 2023-11-30).

Action: entry
Agreement: notes offering
Counterparty: certain persons (the "Utilities Note Purchasers")
Value: $25 million aggregate principal amount of 6.02% Senior Notes, Series A, $150 million aggregate princ
Effective: 2023-11-30

Exact text from the filing

On November 30, 2023, UGI Utilities, Inc. (“UGI Utilities”), a wholly owned subsidiary of UGI Corporation (the “Company”), entered into a Note Purchase Agreement (the “Utilities Note Purchase Agreement”) with certain persons (the “Utilities Note Purchasers”) relating to the private placement of $25 million aggregate principal amount of 6.02% Senior Notes, Series A, with a maturity date of November 30, 2030 (the “Series A Notes”), $150 million aggregate principal amount of 6.10% Senior Notes, Series B, with a maturity date of November 30, 2033 (the “Series B Notes”), and $75 million aggregate principal amount of 6.40% Senior Notes, Series C, with a maturity date of November 30, 2053 (the “Series C Notes,” and together with the Series A Notes and the Series B Notes, the “Notes”).

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102 debt financings filed in the last 30 days. Browse all debt financings →

UGI CORP /PA/ filing history →

Source: SEC EDGAR

accession 0000884614-23-000108

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