---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-053439"
form_type: "8-K"
ticker: "UGI"
cik: "0000884614"
company_name: "UGI CORP /PA/"
filed_at: "2023-11-15T23:59:59+00:00"
generated_at: "2026-06-08T03:00:58.746461+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# UGI Utilities enters new $375M revolver, replaces $425M facility

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-23-053439
- form_type: 8-K
- ticker: UGI
- cik: 0000884614
- company_name: UGI CORP /PA/
- filed_at: 2023-11-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/884614/000114036123053439/0001140361-23-053439-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/884614/000114036123053439/ef20014720_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-053439
- JSON: https://secwatch.observer/filing/0001140361-23-053439.json
- Plain text: https://secwatch.observer/filing/0001140361-23-053439.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/884614/000114036123053439/0001140361-23-053439-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/884614/000114036123053439/0001140361-23-053439-index.htm
- Material Agreements
  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
  source text: On November 9, 2023, UGI Utilities terminated without penalty its Existing Credit Agreement, as described in Item 1.01 above.
  evidence_url: https://www.sec.gov/Archives/edgar/data/884614/000114036123053439/0001140361-23-053439-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.