UGI CORP /PA/ (UGI): debt financing — UGI Utilities enters new $375M revolver, replaces $425M facility

UGI CORP /PA/

New $375M unsecured revolving credit facility with PNC Bank as agent; up to $500M via accordion.
Existing $425M facility terminated without penalty; proceeds used for refinancing and general purposes.
One-year term expiring Nov 8, 2024, extendable to Nov 9, 2028 pending PA PUC approval.
Interest at SOFR or base rate plus margin tied to public debt ratings (0.875%-1.75% for Term SOFR).
Covenant limits Consolidated Debt to ≤65% of Consolidated Total Capital.

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/ incurred revolving credit of $375 million with PNC Bank, National Association, as administrative agent, and the other financial institutions from time to time parties thereto at SOFR plus 1.0% (Base Rate Advances) or Term SOFR plus Applicable Margin (0.875% maturing November 8, 2024.

Instrument: revolving credit
Principal: $375 million
Counterparty: PNC Bank, National Association, as administrative agent, and the other financial institutions from time to time parties thereto
Rate: SOFR plus 1.0% (Base Rate Advances) or Term SOFR plus Applicable Margin (0.875%
Maturity: November 8, 2024
Event: incurrence

Exact text from the filing

Under and subject to the terms and conditions of the Credit Agreement, the Lenders have committed to provide revolving loans to UGI Utilities in an aggregate amount of $375 million, including a letter of credit subfacility of up to $50 million and swing line advances of up to $37.5 million. In addition, UGI Utilities may request an increase in the amount

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

UGI CORP /PA/ entered into Credit Agreement with PNC Bank, National Association valued at $375 million (effective 2023-11-09).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $375 million
Effective: 2023-11-09

Exact text from the filing

On November 9, 2023, UGI Utilities, Inc. (“UGI Utilities”), a wholly owned subsidiary of UGI Corporation, entered into an unsecured, revolving Credit Agreement (the “Credit Agreement”) among UGI Utilities, as borrower, PNC Bank, National Association, as administrative agent, the other financial institutions from time to time parties thereto (collectively, the “Lenders”) and the other parties party thereto from time to time.

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

UGI CORP /PA/ terminated Existing Credit Agreement with PNC Bank, National Association valued at $425 million (effective 2023-11-09).

Action: termination
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $425 million
Effective: 2023-11-09

Exact text from the filing

On November 9, 2023, UGI Utilities terminated without penalty its Existing Credit Agreement, as described in Item 1.01 above.

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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 0001140361-23-053439

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