UGI Corporation

UGI Corporation (NYSE: UGI) distributes and markets energy in the United States and Europe. Its businesses include gas utilities, AmeriGas propane distribution, international propane operations and midstream energy services. Its fiscal year ends September 30.

October 2026 financing changes

The October 28 amendment increases the parent company's main revolving commitment to $700 million from $475 million. The main revolver and existing term loan now have a scheduled March 31, 2030 maturity. The earlier scheduled dates were October 11, 2028 for the revolver and October 11, 2027 for the term loan.

An earlier maturity applies if more than $210 million of the 2028 convertible notes remains outstanding 91 days before their final maturity. The main revolver's old threshold was $125 million, with a 90-day checkpoint.

A separate $300 million senior secured facility covers cash consideration due on conversion of the notes. Its initial maturity is June 30, 2027. A one-time extension to June 30, 2028 requires the entire outstanding revolving balance to become non-revolving term loans, 15 to 60 days' notice, no continuing default and satisfaction of the documentation and fee conditions.

The extension fee is 1.25% of the converted balance. Defined parent-company capital-market financing proceeds must repay this facility; before the term-loan conversion, repayments permanently reduce its commitments. The collateral consists of pledged subsidiary shares, with exclusions including UGI Utilities and Mountaintop Energy Holdings.

The June filing already described an earlier $300 million conversion facility due in August 2026. The October facility is a new contractual class.

Financial history through June 2026

The following figures cover fiscal Q3, April through June. Amounts are USD millions, except per-share figures.

Adjusted results remove specified commodity and currency derivative changes, debt-extinguishment costs, business-disposal effects and restructuring charges, after tax. The warmer-quarter loss followed profitable winter periods: net income for the nine months ended June 30 was $684 million, compared with $691 million a year earlier. Adjusted nine-month net income was $702 million, versus $776 million.

Operating cash flow for those nine months was $972 million, compared with $1.137 billion, while capital spending was $617 million, versus $579 million. At June 30, the consolidated group held $476 million of cash and equivalents and had $6.695 billion of long-term debt. Restricted cash of $47 million was separate.

At that date, the parent had $700 million of 5% convertible notes due in June 2028.

Earlier expectations and portfolio changes

In its August 5 results release, UGI reaffirmed a fiscal 2026 adjusted earnings-per-share forecast of $2.75 to $2.90 for the year ending September 30, 2026.

UGI agreed in April 2026 to sell its Electric Utility for $470 million, subject to adjustments. Its June quarterly filing expected completion in the second quarter of fiscal 2027, covering January through March.

The funding developments to follow are how much of the 2028 notes remains outstanding at the maturity checkpoint, use of the separate conversion facility and any decision to extend that facility into 2028.