AmeriGas Partners, L.P. and AmeriGas Finance Corp. received tenders for $468.47 million in aggregate principal amount of their 5.750% Senior Notes due 2027, representing approximately 91.51% of the outstanding notes, according to a statement from parent company UGI Corporation (NYSE: UGI).

The tender offer expired at 5:00 p.m. New York time on May 15, 2026. The offer commenced on May 11, 2026, with settlement expected on May 20, 2026.

Holders of validly tendered notes will receive $1,011.18 for each $1,000 principal amount, plus accrued interest up to the settlement date. The purchase remains subject to conditions including successful completion of debt financing transactions.

The financing must be sufficient to fund the note purchases, repurchase up to $175 million of the companies' 9.375% Senior Notes due 2028, repay $150 million in intercompany debt to UGI International, LLC, and cover related expenses. The funding will combine new debt financing with cash from an equity contribution and existing cash.

AmeriGas issued a conditional notice of full redemption for any 2027 notes not purchased in the tender offer. BNP Paribas Securities Corp. serves as dealer manager for the transaction.

AmeriGas Partners operates as the largest retail propane marketer in the United States, selling approximately 800 million gallons annually to over 1.0 million customers from about 1,390 locations. The company is a subsidiary of UGI Corporation, which distributes energy products in the United States and Europe.