UGI · UGI Corporation

On May 11, 2026, UGI Corporation's indirect subsidiaries, AmeriGas Partners, L.P. and AmeriGas Finance Corp., commenced a private offering of $500 million aggregate principal amount of senior notes due 2031. Concurrently, they launched tender offers for any and all of their outstanding 5.750% Senior Notes due 2027 (approximately $512 million) and up to $175 million of their 9.375% Senior Notes due 2028. The tender offers are conditioned on the successful completion of the notes offering and other financing transactions. The net proceeds, together with a previously disclosed $300 million equity contribution from UGI International and cash on hand, will be used to fund the tender offers, redeem any remaining 2027 notes, repay a $150 million intercompany loan, and pay related fees and expenses. The transaction is expected to clear AmeriGas' near-term debt maturities, reduce total debt from $1.693 billion to $1.350 billion, and lower total debt to adjusted EBITDA from 5.0x to 4.0x as of March 31, 2026. The notes are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. This refinancing strengthens AmeriGas' balance sheet and extends its debt maturity profile, reducing refinancing risk and improving financial flexibility.