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UGI Corporation (AmeriGas Partners and AmeriGas Finance) - Tender Offer - Results

AmeriGas Partners, L.P. and AmeriGas Finance Corp. Announce Results of Tender Offer for any and all of their Outstanding 5.625% Senior Notes due 2024


30 MAY 2023


Full announcement available via Businesswire


"VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) announced today that its subsidiaries, AmeriGas Partners, L.P. (“AmeriGas Partners”) and AmeriGas Finance Corp., (together with AmeriGas Partners, the “Offerors”) have received, as of 5:00 p.m., New York City time, on May 26, 2023 (the “Expiration Time”), tenders from holders of $639,774,000 in aggregate principal amount (excluding tenders through guaranteed delivery procedures), representing approximately 94.78%, of the Offerors’ 5.625% Senior Notes due 2024 (CUSIP: 030981 AH7) (the “2024 Notes”), in connection with its previously announced tender offer (the “Tender Offer”), which commenced on May 22, 2023 and is described in the Offer to Purchase, dated May 22, 2023, and the related Letter of Transmittal and Notice of Guaranteed Delivery (the “Offer Documents”)."


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AmeriGas Partners, L.P. and AmeriGas Finance Corp. Commence Cash Tender Offer for any and all of their Outstanding 5.625% Senior Notes due 2024


22 MAY 2023


Full announcement available via SEC


"VALLEY FORGE, Pa.—(BUSINESS WIRE)—May 22, 2023— UGI Corporation (NYSE: UGI) announced today that its subsidiaries, AmeriGas Partners, L.P. (“AmeriGas Partners”) and AmeriGas Finance Corp., (together with AmeriGas Partners, the “Offerors”) have commenced an offer to purchase for cash any and all of the Offerors’ outstanding 5.625% Senior Notes due 2024 (the “2024 Notes”), upon terms and subject to the conditions set forth in the Offer to Purchase, dated May 22, 2023, and the related Letter of Transmittal and Notice of Guaranteed Delivery (the “Offer”).

2024 Notes validly tendered and not validly withdrawn at or prior to 5 p.m. New York City time on May 26, 2023 (the “Expiration Date”) will be eligible to receive a purchase price of $1,010.90 per $1,000 principal amount of 2024 Notes tendered.

Tendering holders will also receive accrued and unpaid interest from the last applicable interest payment date to, but not including, the settlement date of the tender offer.

Subject to certain exceptions, tendered 2024 Notes can only be withdrawn before 5 p.m., New York City time on the Expiration Date (the “Withdrawal Deadline”). Following the Withdrawal Deadline, holders who have tendered their 2024 Notes may not withdraw such 2024 Notes unless the Offerors are required to extend withdrawal rights under applicable law.


Substantially concurrently with the commencement of the Offer, the Offerors will issue a conditional notice of full redemption to redeem any 2024 Notes not purchased in the Offer and that remain outstanding pursuant to the indenture governing the 2024 Notes. Nothing in this announcement should be construed as a notice of redemption with respect to the 2024 Notes, as any redemption will be made pursuant to a notice of redemption in accordance with the indenture governing the 2024 Notes."


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"Purpose of the Offer


The purpose of the Offer is to refinance the Notes with the net proceeds from one or more debt financing transactions, including potential debt securities offerings, together with cash on hand and a cash contribution from Parent."

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