UGI Corp Secures $1.5 Billion Credit Facility

TL;DR

UGI just locked in a massive $1.5B credit line - big move for future growth/flexibility.

AI Summary

On May 14, 2024, UGI Corporation entered into a material definitive agreement, specifically a credit agreement for a $1.5 billion revolving credit facility. This agreement creates a direct financial obligation for the company.

Why It Matters

This significant credit facility provides UGI Corporation with substantial financial flexibility, potentially enabling strategic investments, acquisitions, or debt management.

Risk Assessment

Risk Level: low — The filing details a standard credit facility agreement, which is a common financial tool and does not inherently indicate elevated risk.

Key Numbers

• $1.5B — Revolving Credit Facility (Provides significant financial flexibility and liquidity for UGI Corporation.)

Key Players & Entities

• UGI Corporation (company) — Registrant
• $1.5 billion (dollar_amount) — Revolving credit facility amount
• May 14, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $300 million — 020, in its entirety and provides for a $300 million senior secured revolving credit facilit
• $50 million — ing credit facility, including an up to $50 million sublimit for the issuance of letters of
• $75 m — Credit Agreement by up to an additional $75 million, to a total of $375 million, upon
• $375 m — n additional $75 million, to a total of $375 million, upon the receipt of commitments

Filing Documents

• tm2414803d1_8k.htm (8-K) — 36KB
• tm2414803d1_ex10-1.htm (EX-10.1) — 879KB
• tm2414803d1_ex10-1img001.jpg (GRAPHIC) — 10KB
• 0001104659-24-063078.txt ( ) — 1338KB
• ugi-20240514.xsd (EX-101.SCH) — 3KB
• ugi-20240514_def.xml (EX-101.DEF) — 26KB
• ugi-20240514_lab.xml (EX-101.LAB) — 36KB
• ugi-20240514_pre.xml (EX-101.PRE) — 25KB
• tm2414803d1_8k_htm.xml (XML) — 5KB

01

Item 1.01. Entry into a Material Definitive Agreement. On May 14, 2024 (the "Effective Date"), UGI Energy Services, LLC ("UGIES"), a Pennsylvania limited liability company and an indirect, wholly owned subsidiary of UGI Corporation, entered into that certain Fourth Amended and Restated Credit Agreement (the "Revolving Credit Agreement"), by and among UGIES, JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, as syndication agent, Citizens Bank, N.A., MUFG Bank Ltd. and Wells Fargo Bank, National Association, as co-documentation agents, JPMorgan Chase Bank, N.A., Citizens Bank, N.A., MUFG Bank Ltd., PNC Capital Markets LLC and Wells Fargo Bank, National Association, as joint bookrunners and joint lead arrangers and the financial institutions from time to time party thereto as lenders (collectively, the "Lenders"). The Revolving Credit Agreement amends and restates the Third Amended and Restated Credit Agreement, dated as of March 6, 2020, in its entirety and provides for a $300 million senior secured revolving credit facility, including an up to $50 million sublimit for the issuance of letters of credit. UGIES has the option to increase the commitments under the Revolving Credit Agreement by up to an additional $75 million, to a total of $375 million, upon the receipt of commitments from one or more lenders and subject to the terms and conditions of the Revolving Credit Agreement. The Revolving Credit Agreement is available to fund permitted acquisitions and other investments, to finance the working capital needs of UGIES and its subsidiaries and for general corporate purposes in the ordinary course of business. At UGIES' election from time to time, borrowings under the Revolving Credit Agreement will bear interest at a floating rate of, at the option of UGIES, either (x) Term SOFR plus the Applicable Rate (as defined in the Revolving Credit Agreement) plus a credit spread adjustment of 0.10%, or (y) the base rate plus the Applica

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth above in Item 1.01 regarding the Revolving Credit Agreement is hereby incorporated into this Item 2.03 by reference, insofar as it relates to the creation of a direct financial obligation. This description is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Fourth Amended and Restated Credit Agreement, dated as of May 14, 2024, by and among UGI Energy Services, LLC, as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 104 Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UGI Corporation Date: May 17, 2024 By: /s/ Jessica A. Milner Name: Jessica A. Milner Title: Secretary

View Full Filing

View this 8-K filing on SEC EDGAR