AmeriGas Partners, L.P. and AmeriGas Finance Corp., subsidiaries of UGI Corporation (NYSE: UGI), priced a $500 million offering of 6.875% senior notes due 2031. The notes were offered to qualified institutional buyers under Rule 144A and to investors outside the United States under Regulation S.

The companies plan to use net proceeds from the offering, combined with $300 million in cash from a previous equity contribution and existing cash, for debt refinancing activities. The funds will repurchase all outstanding 5.750% senior notes due 2027 and up to $175 million of 9.375% senior notes due 2028. Additionally, $150 million will repay intercompany debt to UGI International, LLC.

The transaction is expected to close around May 20, 2026, subject to standard closing conditions. The notes will not be registered under the Securities Act of 1933 or state securities laws.

AmeriGas Partners operates as the largest retail propane marketer in the United States, selling approximately 800 million gallons of propane annually to over one million customers through about 1,390 locations as of September 30, 2025.

UGI Corporation distributes and markets energy products and services in the United States and Europe through various subsidiaries that provide natural gas transmission, electric generation, propane distribution, and energy marketing services.