DEBT

Long-term debt comprises the following at September 30:



	2013		2012

Term Loan Credit Agreement	$	175,000	$	—
Senior Notes:
6.375%, due September 2013	—		108,000
5.75%, due September 2016	175,000		175,000
6.21%, due September 2036	100,000		100,000
Medium-Term Notes:
5.37%, due August 2013	—		25,000
5.16%, due May 2015	20,000		20,000
7.37%, due October 2015	22,000		22,000
5.64%, due December 2015	50,000		50,000
6.17%, due June 2017	20,000		20,000
7.25%, due November 2017	20,000		20,000
5.67%, due January 2018	20,000		20,000
6.50%, due August 2033	20,000		20,000
6.13%, due October 2034	20,000		20,000
Total long-term debt	642,000		600,000
Less: current maturities	—		(133,000		)
Total long-term debt due after one year	$	642,000	$	467,000

Principal payments on long-term debt during the next five fiscal years is as follows: $0 is due in Fiscal 2014; $20,000 is due in Fiscal 2015; $247,000 is due in Fiscal 2016; $20,000 is due in Fiscal 2017; and $40,000 is due in Fiscal 2018. The $175,000 outstanding under the Term Loan Credit Agreement that is expected to be refinanced on a long-term basis prior to its maturity and is excluded from these repayment amounts (see below).

In September 2013, UGI Utilities entered into a 364-day term loan credit agreement (“Term Loan Credit Agreement”) with a bank comprising a $175,000 unsecured term loan facility. The Term Loan Credit Agreement bears interest at the eurodollar rate for the interest period selected, plus a margin of 0.60%. The Term Loan Credit Agreement terminates on September 22, 2014, but UGI Utilities may prepay the loan in whole or in part, without penalty. UGI Utilities borrowed $175,000 on September 30, 2013, under the Term Loan Credit Agreement which cash proceeds were used to repay UGI Utilities’ $108,000 6.375% Senior Notes due September 30, 2013, and for other general corporate purposes. On October 30, 2013, UGI Utilities entered into a Note Purchase Agreement which provides for the private placement of $175,000 aggregate principal amount of 4.98% Senior Notes due March 26, 2044. UGI Utilities expects to issue $175,000 face amount of 4.98% Senior Notes in March 2014 and use the net proceeds to repay then-outstanding borrowings under the Term Loan Credit Agreement. Because the Company has the intent and ability to refinance the Term Loan Credit Agreement on a long-term basis, amounts outstanding under the Term Loan Credit Agreement are classified as long-term on the September 30, 2013, Consolidated Balance Sheet.

UGI Utilities has an unsecured credit agreement (the “UGI Utilities Credit Agreement”) with a group of banks providing for borrowings of up to $300,000 (including a $100,000 sublimit for letters of credit) which expires in October 2015. Under the UGI Utilities Credit Agreement, UGI Utilities may borrow at various prevailing market interest rates, including LIBOR and the banks’ prime rate, plus a margin. The margin on such borrowings ranges from 0.0% to 2.0% and is based upon the credit ratings of certain indebtedness of UGI Utilities. UGI Utilities had borrowings outstanding under the UGI Utilities Credit Agreement, which we classify as bank loans on the Consolidated Balance Sheets, totaling $17,500 and $9,200 at September 30, 2013 and 2012, respectively. The weighted-average interest rates on the UGI Utilities Credit Agreement borrowings at September 30, 2013 and 2012 were 1.18% and 1.21%, respectively. Issued and outstanding letters of credit, which reduce available borrowings under the UGI Utilities Credit Agreement, totaled $2,000 at September 30, 2013 and 2012.

The UGI Utilities Credit Agreement requires UGI Utilities not to exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined.