Monitor UGI's upcoming quarterly earnings for any changes to consolidated leverage or interest coverage, though this subsidiary-level refinancing is unlikely to materially affect the parent company's credit profile.
Price Chart
Executive Summary
Mountaineer Gas Company, an indirect wholly owned subsidiary of UGI Corporation, issued $50 million aggregate principal amount of senior unsecured notes in a private placement: $30 million of 5.95% Series H Notes due 2038 and $20 million of 6.05% Series I Notes due 2041. Proceeds will be used primarily to refinance existing indebtedness and for general corporate purposes. This is a routine debt refinancing by a regulated utility subsidiary with standard covenants and no material financial impact on UGI's consolidated position.
Key Facts
- Mountaineer Gas Company issued $30M of 5.95% Senior Notes, Series H, due September 28, 2038
- Mountaineer Gas Company issued $20M of 6.05% Senior Notes, Series I, due September 28, 2041
- Notes are unsecured, unsubordinated obligations ranking pari passu with existing and future unsecured indebtedness
- Proceeds will be used primarily to refinance existing indebtedness and for general corporate purposes
- Pricing occurred on June 30, 2026; funding and closing occurred on September 28, 2026
- Financial covenants include minimum interest coverage ratio of 2.0x, maximum debt-to-capital ratio of 0.65x, and minimum consolidated tangible net worth of $70M
- Mountaineer is an indirect wholly owned subsidiary of UGI Corporation
Financial Impact
$50 million in new senior unsecured notes issued to refinance existing debt; no material change to UGI's consolidated leverage profile
Risk Factors
- Change of control at UGI could trigger prepayment obligations on the Notes
- Failure to maintain financial covenants (interest coverage, debt-to-capital, tangible net worth) could result in acceleration of the Notes
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-113317 |
| Document: ugi-20260928x8k.htm | 0001104659-26-113317 |
| Document: 0001104659-26-113317-index-headers.html | 0001104659-26-113317 |
| Document: 0001104659-26-113317-index.html | 0001104659-26-113317 |
| Document: 0001104659-26-113317.txt | 0001104659-26-113317 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $38.49 | awaiting T+60 | — | $39.11 (+1.61%) |
Oct 19, 2026 7d ago | Institutional Cluster | $38.05 | awaiting T+60 | — | $39.11 (+2.80%) |
Oct 2, 2026 24d ago | 8-K | $36.78 | awaiting T+60 | — | $39.11 (+6.33%) |
Jul 7, 2026 15w ago | 8-K | $35.59 $36.36 | ▲ +2.16% | ▼ −0.33% | $39.11 (+9.89%) |
Jun 19, 2026 18w ago | Institutional Cluster | $33.79 $37.81 | ▲ +11.90% | ▲ +10.15% | $39.11 (+15.74%) |
May 26, 2026 21w ago | 8-K | $35.76 $38.39 | ▲ +7.36% | ▲ +4.89% | $39.11 (+9.38%) |
May 22, 2026 22w ago | 8-K | $35.76 $38.39 | ▲ +7.36% | ▲ +4.89% | $39.11 (+9.38%) |
May 13, 2026 23w ago | 8-K | $33.99 $33.89 | ▼ −0.29% | ▼ −3.62% | $39.11 (+15.08%) |
May 12, 2026 23w ago | 8-K | $32.99 $34.17 | ▲ +3.58% | ▼ −0.54% | $39.11 (+18.57%) |
May 11, 2026 24w ago | 8-K | $32.99 $34.17 | ▲ +3.58% | ▼ −0.54% | $39.11 (+18.57%) |
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