UGI (UGI) subsidiaries AmeriGas Partners and AmeriGas Finance have launched cash offers to purchase their outstanding 5.750% senior notes due 2027 and up to $175 million of their outstanding 9.375% senior notes due 2028, the company said Monday.

Validly tendered 2027 notes will be eligible to receive $1,011.18 per $1,000 of the notes, with the offer expiring at 5 pm ET on May 15, the company said.

Validly tendered 2028 notes will be eligible to receive $1,023.44 per $1,000 of the notes if tendered before or at the early tender deadline 5 pm ET on May 22, and $993.44 per $1,000 of notes if tendered afterwards, with the offer expiring at 5 pm on June 9, the company added.

In a separate statement, the subsidiaries also plan to offer $500 million of senior notes due 2031 to qualified institutional buyers, UGI said.

The subsidiaries intend to use the net proceeds, along with $300 million in cash previously received by AmeriGas Partners in connection with a UGI equity contribution and cash on hand, to repurchase their 2027 notes, to repurchase up to $175 million of their 2028 notes, and to repay $150 million in outstanding debt under the intercompany loan between AmeriGas Partners and UGI International, the company said.

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