Simpson Thacher recently represented the initial purchasers, led by BofA Securities, Inc., in connection with a Rule 144A and Reg S offering of $550 million aggregate principal amount of 9.500% Senior Notes due 2030 co-issued by AmeriGas Partners, L.P. (“AmeriGas”) and AmeriGas Finance Corp. (together with AmeriGas, the “Issuers”), each a wholly owned subsidiary of UGI Corporation (“UGI”). AmeriGas used the proceeds, together with cash on hand and other sources of liquidity to fund a cash tender offer for any and all of the Issuers’ outstanding 5.875% Senior Notes due 2026 and pay related fees and expenses. The Firm also represented BofA Securities as dealer manager in connection with the tender offer.
AmeriGas is the largest retail propane marketer in the United States, with approximately 827 million gallons of propane sold annually to 1.1 million customers in all 50 states from approximately 1,360 locations.
The Simpson Thacher team included Brian Rosenzweig, Richie Ragusa, Barry Lau, Lidia Kurganova, Kyle Zollinger and Michael O’Rear (Capital Markets); Tim Mulvihill (Environmental); Michael Mann (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Corina Holland (Intellectual Property); and Jennie Getsin (Blue Sky).