The 5% convertible senior notes are due 2028

Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by UGI Corporation of $700 million aggregate principal amount of its 5.00% convertible senior notes due 2028, which includes the full exercise of the initial purchasers’ option to purchase additional notes.

UGI is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services. In the United States, UGI owns and operates a retail propane marketing and distribution business, natural gas and electric distribution utilities, and energy marketing (including renewable natural gas (RNG)), midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses. In Europe, UGI markets and distributes propane and other liquefied petroleum gas (LPG) and markets other energy products and services.

The Davis Polk corporate team included partner John B. Meade and associates Sarah Greene and Matthew L. Hulse. The equity derivatives team included partner Mark M. Mendez, counsel Justin Michael and associates Ari Spitzer and Melissa X. Estrada. The tax team included counsel Aliza Slansky and associate Michael Mirabella. 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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