UGI Corporation entered into a Second Amendment to its Credit Agreement on October 28, 2026. The amendment, executed by the Company, its lenders, and JPMorgan Chase Bank, N.A. as administrative agent, modifies the terms of the Credit Agreement originally dated October 11, 2024.
The amendment increases the aggregate revolving commitments under the Company’s existing revolving credit facility from $475 million to $700 million. Additionally, the maturity date for the existing revolving credit facility and term loan facility has been extended to March 31, 2030. This maturity is subject to an earlier springing date of 91 days prior to the final stated maturity of the 2028 Notes if more than $210 million in aggregate principal amount of those notes remains outstanding.
The filing also details the creation of a new $300 million senior secured revolving loan facility. This facility, referred to as the Second Amendment Revolving Credit Facility, is available to finance cash consideration due in connection with a conversion of the 2028 Notes. Borrowings under this new facility bear interest at a floating rate based on either Term SOFR or the Alternate Base Rate, plus an applicable rate ranging from 1.125% to 3.00% depending on the Company’s net leverage ratio.
The Second Amendment Revolving Credit Facility matures on June 30, 2027, with a one-time, one-year extension option if the Company converts the entire principal balance into non-revolving term loans. The commitments under this facility automatically terminate when the aggregate outstanding principal amount of the 2028 Notes falls below $210 million. The loans are secured by a pledge of the Company’s equity in its Material Subsidiaries, excluding UGI Utilities, Inc. and Mountaintop Energy Holdings LLC.
