Simpson Thacher recently represented the initial purchasers, led by Wells Fargo Securities, LLC in connection with a Rule 144A and Reg S offering of $500 million aggregate principal amount of 9.375% Senior Notes due 2028 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, a cash contribution from UGI and other sources of liquidity to fund a cash tender offer for any and all of the Issuers’ outstanding 5.625% Senior Notes due 2024. The Firm also represented Wells Fargo Securities as dealer manager in connection with the tender offer.
AmeriGas is the largest retail propane marketer in the United States, with approximately 1 billion gallons of propane sold annually to 1.3 million customers in all 50 states from approximately 1,400 locations.
The Simpson Thacher team included Brian E. Rosenzweig, Art Robinson, Richie Ragusa, Maggie Selbe, Ryan Poché and Suzannah Ranzo (Capital Markets); Tim Mulvihill (Environmental); Jon Cantor and Michael Slomovics (Tax); Pasco Struhs (Executive Compensation and Employee Benefits); Melanie Jolson (Intellectual Property); and Jennie Getsin (Blue Sky).