AmeriGas gives tender offer results for 5 5/8% senior notes due 2024

By William Gullotti

Buffalo, N.Y., May 30 – UGI Corp. gave the results of the any and all cash tender offer, held by subsidiaries AmeriGas Partners, LP and AmeriGas Finance Corp., of the outstanding 5 5/8% senior notes due 2024 (Cusip: 030981AH7), according to a press release on Tuesday.

As previously reported, the subsidiary companies offered to purchase the notes at $1,010.90 per $1,000 principal amount, plus accrued interest to but excluding the settlement date.

As of the offer expiration at 5 p.m. ET on May 26, noteholders tendered a total of $639,774,000 of the notes, representing 94.78% of the outstanding notes, excluding those tendered via guaranteed delivery procedures.

The tender offer remains conditioned on, among other things, the companies’ successful completion of one or more debt financing transactions in an amount sufficient, together with cash on hand, a cash contribution from UGI or other sources of liquidity, to fund the tender offer.

Provided the conditions are satisfied or otherwise waived, settlement is expected on May 31, with settlement for notes tendered via guaranteed delivery procedures scheduled June 1.

As previously reported, substantially concurrently with the launch of the offer, the companies issued a conditional notice of full redemption to redeem any 2024 notes not purchased in the offer.

Wells Fargo Securities, LLC (liabilitymanagement@wellsfargo.com; 704 410-4756 or 866 309-6316) is the dealer manager for the tender offer.

D.F. King & Co., Inc. (888 541-9895 or 212-269-5550; www.dfking.com/ugi) is the information agent.

AmeriGas is a retail propane marketer in the United States. Parent UGI is a distributor and marketer of energy products and services in the United States and Europe. Both companies are based in King of Prussia, Pa.

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