Company Overview - Superior Plus Corp. is a leading North American distributor of propane, compressed natural gas (CNG), renewable energy, and related products and services, servicing approximately 750,000 customer locations in the U.S. and Canada [2] - The company focuses on propane distribution and the distribution of CNG, renewable natural gas (RNG), and hydrogen, delivering low carbon fuels to various sectors including residential, commercial, utility, agricultural, and industrial customers not connected to a pipeline [2] - By displacing more carbon-intensive fuels, Superior Plus is positioned as a leader in the energy transition, helping customers lower operating costs and improve environmental performance [2] Low Carbon Fuels - Superior Plus defines 'low carbon' and 'lower carbon' fuels as those with a lower carbon intensity than fossil fuels that can be utilized in the same applications, such as diesel and gasoline [3]

BIANNUAL UPDATE OF THE LIQUIDITY AGREEMENT BETWEEN REXEL AND NATIXIS-ODDO BHF (2025/12/31) Under the terms of the liquidity and market monitoring agreement concluded with NATIXIS ODDO BHF and covering Rexel shares, on December 31, 2025 the following resources were included in the liquidity account: - 145,920 REXEL shares - € 18,308,308.04 It is reminded that at the date of implementation of the agreement, the liquidity account contained the following resources: - 626,370 REXEL shares - € 8,211,228.57 ...

Group 1 - UGI Corporation will announce its Fiscal 2026 first quarter results after the market closes on February 4, 2026 [1] - A live audio webcast of the conference call to discuss these results will be held at 9:00 AM ET on February 5, 2026 [1] - Interested parties can access the webcast live and in replay through the company's investor relations website [1] Group 2 - UGI Corporation is a distributor and marketer of energy products and services in the U.S. and Europe [2] - The company provides a range of energy solutions including natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, and renewable natural gas generation [2] - UGI focuses on delivering safe, reliable, affordable, and sustainable energy solutions to its customers [2]

Core Viewpoint - Suburban Propane Partners, L.P. has successfully completed a $350 million offering of 6.500% Senior Notes due 2035, aimed at refinancing existing debt and enhancing financial flexibility [1][2]. Group 1: Financial Details - The net proceeds from the offering, after estimated expenses, amounted to approximately $344.3 million, which will be utilized to redeem all of the Issuers' 5.875% senior notes due 2027 and cover related fees [2]. - A conditional notice of redemption for the 2027 Senior Notes was sent on December 8, 2025, with the redemption scheduled for January 7, 2026 [2]. Group 2: Company Overview - Suburban Propane is a publicly traded master limited partnership listed on the NYSE, headquartered in Whippany, New Jersey, and has been in operation since 1928 [4]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products, serving approximately 1 million customers across 42 states through around 750 locations [4]. Group 3: Company Values and Initiatives - Suburban Propane is built on three core pillars: a commitment to excellence in customer service, dedication to community support, and promotion of low-carbon energy solutions [5].

Core Viewpoint - The company, Rexel, denies rumors regarding an acquisition and clarifies that it is not in negotiations with potential buyers, emphasizing its focus on executing its strategy and creating value for stakeholders [2]. Company Overview - Rexel is a global expert in multichannel professional distribution of products and services for the energy sector, addressing residential, non-residential, and industrial markets [3]. - The company operates over 1,875 branches across 17 countries and employs more than 26,550 people [3]. - Rexel reported sales of €19.3 billion in 2024 [3]. Market Position - Rexel is listed on the Eurolist market of Euronext Paris under the ticker RXL and is included in various indices such as MSCI World, CAC Next 20, and STOXX600 [4]. - The company is recognized for its Corporate Social Responsibility (CSR) performance, being part of several sustainability indices including FTSE4Good and Dow Jones Sustainability Index Europe [4].

Core Viewpoint - Suburban Propane Partners, L.P. has announced the pricing of a $350 million offering of 6.500% senior notes due 2035, which will close on December 22, 2025, subject to customary conditions [1][2]. Group 1: Offering Details - The 2035 Senior Notes will have an interest rate of 6.500% per year, maturing on December 15, 2035, with interest payable semi-annually starting June 15, 2026 [2]. - Suburban Propane may redeem up to 35% of the 2035 Senior Notes before December 15, 2028, at a redemption price of 106.500% of their principal amount plus accrued interest [2]. - The offering is targeted at qualified institutional buyers in the U.S. and other non-U.S. persons, complying with specific regulations under the Securities Act [4]. Group 2: Use of Proceeds - The net proceeds from the offering will be used, along with borrowings from a revolving credit facility, to redeem all outstanding $350 million of the Issuers' 5.875% senior notes due 2027 [3]. Group 3: Company Overview - Suburban Propane is a publicly traded master limited partnership, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928, serving approximately 1 million customers across 42 states [6]. - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products, and is also involved in marketing natural gas and electricity [6]. - Suburban Propane emphasizes its commitment to safety, community service, and low-carbon energy solutions through its core pillars: Commitment to Excellence, SuburbanCares, and Go Green with Suburban Propane [7].

Core Viewpoint - Suburban Propane Partners, L.P. plans to offer $350 million in senior notes due 2035 to redeem existing senior notes due 2027, subject to market conditions [1] Group 1: Offering Details - The 2035 Senior Notes will be offered in a private placement, not registered under the Securities Act, targeting qualified institutional buyers in the U.S. and non-U.S. persons outside the U.S. [2] - The net proceeds from the offering will be used, along with borrowings from the revolving credit facility, to redeem all outstanding $350 million of the 5.875% senior notes due 2027 [1] Group 2: Company Overview - Suburban Propane is a publicly traded master limited partnership, headquartered in Whippany, New Jersey, and has been in the customer service business since 1928 [4] - The company distributes propane, renewable propane, renewable natural gas, fuel oil, and related products, servicing approximately 1 million customers across 42 states [4] Group 3: Company Values - Suburban Propane is built on three core pillars: commitment to excellence in customer service, dedication to community support, and promotion of low-carbon energy solutions [5]

Core Insights - UGI Corporation's share price increased by 7.95% from November 14 to November 21, 2025, marking it as one of the top-performing energy stocks during that week [1] - The company reached a two-year high following the release of its FY 2025 results, which included a record adjusted EPS of $3.32, exceeding expectations by $0.14 [3] - UGI's net income for FY 2025 rose by 152% year-over-year to $678 million, driven by improvements in the AmeriGas segment, strong performance in the Utilities segment, and tax benefits [3] Financial Performance - UGI's FY 2025 revenue was approximately $7.3 billion, which was $120 million below expectations, despite a slight growth of 1.1% [3] - The company generated $530 million in free cash flow, bolstering its balance sheet [4] - UGI has set a new long-term EPS CAGR target of 5% to 7%, citing intrinsic opportunities and confidence in strategic execution [4] Dividends and Shareholder Returns - UGI announced a quarterly dividend of $0.375 per share, with a record date of December 15, 2025, and payment scheduled for January 1, 2026 [4]

Core Viewpoint - Superior Plus Corp. experienced a significant decline in stock price, dropping 21.1% after CIBC lowered its price target from C$9.00 to C$8.50, with trading volume increasing by 655% compared to the average [2][3] Group 1: Stock Performance - The stock traded as low as C$6.06 and last traded at C$6.29, having previously closed at C$7.97 [2] - Other analysts have varied opinions on the stock, with Desjardins reducing their target from C$10.50 to C$9.75 while BMO Capital Markets raised theirs from C$8.00 to C$10.00 [3] - The average target price among analysts is C$9.41, with five analysts rating it as a "Buy" and two as "Hold" [3] Group 2: Financial Metrics - Superior Plus has a debt-to-equity ratio of 193.35, a quick ratio of 0.46, and a current ratio of 0.67 [4][5] - The company has a market capitalization of C$1.40 billion, a P/E ratio of 29.95, and a beta of 0.18 [4][5] Group 3: Earnings and Dividends - The company reported earnings of C($0.47) per share for the last quarter, with revenue of C$470.64 million and a net margin of 1.80% [6] - A quarterly dividend of $0.045 per share was declared, representing an annualized dividend of $0.18 and a yield of 2.9% [7] Group 4: Company Overview - Superior Plus is a leading North American distributor of propane, compressed natural gas, and renewable energy, servicing approximately 770,000 customer locations in the U.S. and Canada [8]

Core Points - Rubis Énergie SAS has established an inaugural syndicated loan totaling €1.1 billion for refinancing part of its existing debt and supporting the Group's activities [1] - The loan was significantly oversubscribed and involved a leading international banking pool with 11 institutions from 8 banking groups [1][2] - The financial terms include a competitive initial margin adjustable based on the Group's financial leverage ratio, with covenant commitments similar to existing lines [2] Financial Structure - The syndicated loan consists of an amortizing loan of €250 million (Facility A), a non-amortizing loan of €350 million (Facility B), and a revolving credit facility of €500 million, all with a 5-year maturity [5] - An additional "accordion" uncommitted line of up to €300 million is available for acquisitions and investments [5][6] - The transaction simplifies the balance sheet by replacing multiple bilateral lines with a main financing line, extending the average maturity of bank debt at a cost comparable to existing financing [6] Strategic Objectives - The transaction strengthens Rubis Énergie's financing structure, allowing the company to pursue its development plan in an agile and secure manner [3] - The company capitalizes on favorable market conditions for investment-grade issuers and its strong financial and operational performance [3] - Increased flexibility is achieved through a new simplified structure, allowing for future drawdowns and the activation of the accordion line [6] Company Overview - Rubis is an independent French group with over 30 years in the energy sector, focusing on providing reliable and sustainable energy [5][7] - The Group operates in three regions: Africa, the Caribbean, and Europe, with around 4,500 employees [7] - Rubis is committed to diversifying its business towards less carbon-intensive solutions, recognizing the energy sector's role in combating climate change [7]