debt
confidence high
sentiment neutral
materiality 0.40
UGI unit Mountaineer Gas issues $50M private placement: $30M 5.95% notes due 2038, $20M 6.05% notes due 2041
UGI CORP /PA/
- Mountaineer Gas, an indirect UGI subsidiary, privately placed $30M of 5.95% Series H senior notes due Sept. 28, 2038 and $20M of 6.05% Series I notes due Sept. 28, 2041.
- Funding occurred Sept. 28, 2026; pricing on June 30, 2026; interest payable semiannually each March 28 and Sept. 28; notes are unsecured and pari passu with Mountaineer's existing unsecured debt.
- Proceeds used primarily to refinance indebtedness and for general corporate purposes, per the Note Purchase Agreement dated Sept. 28, 2026.
- Covenants include total debt/total capitalization <=0.65:1.00; EBITDA/interest >=2.00:1.00; tangible net worth >=$70M; asset sales <=15% of consolidated total assets.
- Change-of-control put at 100% principal plus accrued interest if UGI ceases to majority-own Mountaineer; callable at make-whole before maturity, at par after June 30, 2038/2041.