AmeriGas reduces revolving commitment to $400 million, edits ratio

By Wendy Van Sickle

Columbus, Ohio, Nov. 20 – AmeriGas Propane, LP, an indirect, wholly owned subsidiary of UGI Corp., entered into a first amendment to its credit agreement on Nov. 15 with Wells Fargo Bank, NA as administrative agent, which reduced revolving commitments to $400 million from $600 million, according to an 8-K filed with the Securities and Exchange Commission.

The amendment also resets the minimum interest coverage ratio to 2.5x for any fiscal quarter ending between Sept. 30, 2023 and Sept. 30, 2024. For any fiscal quarter thereafter, the ratio was reset to 2.75x when the consolidated MLP total leverage ratio is greater than or equal to 5x or 2.5x when the consolidated MLP total leverage ratio is less than 5x.

The credit agreement is originally dated Sept. 28, 2022.

AmeriGas is a King of Prussia, Pa., retail marketer of propane.

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