UGI subsidiary to redeem 10% notes due 2011

By Jennifer Chiou

New York, Dec. 13 - UGI Corp. said AGZ Finance announced the redemption of its €165 million of 10% senior notes due 2011.

The company also said AGZ Holding entered into a five-year floating-rate senior facility, including a €380 million term loan and €50 million revolving credit facility. Proceeds were used to repay the company's existing €175 million senior facility.

Remaining proceeds will go towards the redemption of the 10% notes in January and for general corporate purposes.

AGZ Holding is the parent of Antargaz, UGI's French liquefied petroleum gas distributor.

"The refinancing of Antargaz debt will significantly reduce annual interest expense while maintaining a strong and flexible financial position," chairman and chief executive officer Lon R. Greenberg said in a news release.

Based in Valley Forge, Pa., UGI is a holding company with propane marketing, utility and energy marketing subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.