AmeriGas launches cash tender offers for senior notes

AmeriGas Partners and AmeriGas Finance Corp., subsidiaries of UGI Corporation (NYSE: UGI), have commenced cash tender offers for their outstanding senior notes, according to a company statement.

The companies are offering to purchase all outstanding 5.750% Senior Notes due 2027 and up to $175 million of their 9.375% Senior Notes due 2028. The tender offers were announced May 11, 2026.

For the 2027 notes, holders who tender by May 15, 2026, will receive $1,011.18 per $1,000 principal amount. The 2028 notes tender offer has two pricing tiers: $1,023.44 per $1,000 principal amount for notes tendered by May 22, 2026, and $993.44 per $1,000 principal amount for notes tendered between May 22 and June 9, 2026.

Tendering holders will also receive accrued and unpaid interest from the last interest payment date to the settlement date.

The companies plan to issue a conditional notice for full redemption of any 2027 notes not purchased in the tender offer that remain outstanding.

The tender offers are subject to certain conditions, including the completion of financing transactions sufficient to fund the purchases, redemption of remaining 2027 notes, repayment of $150 million in intercompany debt, and payment of related fees and expenses.

BNP Paribas Securities Corp. serves as dealer manager for the tender offers. The companies reserve the right to terminate either tender offer before the expiration dates.

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