We advised the underwriters on the registered equity units offering

Davis Polk advised the underwriters on UGI Corporation’s SEC-registered offering of 2,200,000 equity units, including 200,000 equity units from the exercise by the underwriters of their option to purchase additional equity units. The equity units will initially consist of 220,000 shares of 0.125% Series A cumulative perpetual convertible preferred stock of UGI Corporation, without par value and with a liquidation preference of $1,000 per share, and 2,200,000 purchase contracts to purchase on the specified settlement date a variable number of shares of common stock of UGI Corporation.

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically and internationally, manages midstream energy assets in Pennsylvania, Ohio and West Virginia and electric generation assets in Pennsylvania and engages in energy marketing, including renewable natural gas, in 12 states and the District of Columbia and internationally in France, Belgium, the Netherlands and the United Kingdom.

The Davis Polk corporate team included partner John B. Meade and associates Meaghan Kennedy, Moses Farzan Nekou and Xi (Brooke) Zheng. The equity derivatives team included partner Mark M. Mendez, counsel Katharine O’Banion and associate Yini Chen. The tax team included partner Lucy W. Farr and associate Dylan J. Steiner. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.

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