UGI Corp Enters New Agreements, Terminates Others

TL;DR

UGI Corp just signed new deals and ditched old ones, creating new debt. Big moves happening.

AI Summary

On October 11, 2024, UGI Corporation entered into a material definitive agreement and simultaneously terminated another. The company also created a direct financial obligation. Specific details regarding the nature of these agreements, the counter-parties involved, and the financial implications were not fully disclosed in the provided text, but the filing indicates significant financial events are occurring.

Why It Matters

This filing indicates significant changes in UGI Corporation's contractual and financial obligations, which could impact its future operations and financial health.

Risk Assessment

Risk Level: medium — The filing indicates the creation of new financial obligations and termination of existing agreements, which introduces uncertainty and potential financial risk.

Key Players & Entities

• UGI Corporation (company) — Registrant
• Pennsylvania (location) — State of Incorporation
• October 11, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $475 million — s administrative agent, providing for a $475 million senior secured revolving credit facilit
• $10 million — g Credit Facility"), including an up to $10 million sublimit for the issuance of letters of
• $400 million — he issuance of letters of credit, and a $400 million senior secured term loan facility (the

Filing Documents

• ugi-20241011x8k.htm (8-K) — 42KB
• ugi-20241011xex10d1.htm (EX-10.1) — 995KB
• ugi-20241011xex10d1002.jpg (GRAPHIC) — 4KB
• 0001558370-24-013258.txt ( ) — 1347KB
• ugi-20241011.xsd (EX-101.SCH) — 4KB
• ugi-20241011_def.xml (EX-101.DEF) — 3KB
• ugi-20241011_lab.xml (EX-101.LAB) — 16KB
• ugi-20241011_pre.xml (EX-101.PRE) — 11KB
• ugi-20241011x8k_htm.xml (XML) — 5KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On October 11, 2024, UGI Corporation (the "Company") entered into that certain Credit Agreement (the "Credit Agreement") by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent, providing for a $475 million senior secured revolving credit facility (the "Revolving Credit Facility"), including an up to $10 million sublimit for the issuance of letters of credit, and a $400 million senior secured term loan facility (the "Term Loan Facility"). In connection with the entering into of the Credit Agreement, the Company paid off in full and terminated that certain Amended and Restated Credit Agreement, dated as of May 4, 2021 (as amended, restated, amended and restated or otherwise modified from time to time, the "Existing Credit Agreement"), by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders from time to time party thereto. The Revolving Credit Facility is available to finance working capital needs and to fund general corporate purposes, including refinancing a portion of the Existing Credit Agreement and the Term Loan Facility is available to fund general corporate purposes, including refinancing a portion of the Existing Credit Agreement. At the Company's election from time to time, borrowings under the Credit Agreement will bear interest at a floating rate of, at the option of the Company, either (x) Term SOFR plus the Applicable Rate (as defined in the Credit Agreement) plus a credit spread adjustment of 0.10%, or (y) the Alternate Base Rate (as defined in the Credit Agreement) plus the Applicable Rate. The Applicable Rate for ABR Loans ranges from 0.875% to 1.75% and for loans based on Term SOFR from 1.875% to 2.75%, depending on the net leverage ratio of the Company. The Revolving Credit Facility has a maturity date of October 11, 2028, subject to a Springing Revolving Maturity Date (as defined i

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. On October 11, 2024, the Company terminated without penalty its Existing Credit Agreement, as described in Item 1.01 above. The information set forth above in Item 1.01 regarding the Existing Credit Agreement is hereby incorporated into this Item 1.02 by reference. 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 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 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 Credit Agreement, dated as of October 11, 2024, by and among UGI Corporation, 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 October 11, 2024 By: /s/ Jessica A. Milner Name: Jessica A. Milner Title: Secretary

View Full Filing

View this 8-K filing on SEC EDGAR