Commentary & Deal Flow

UGI International LLC (UGI) EUR400m 144A/Reg S sr notes due 2029 (8y). NC3 (MWC B+50bp) (50%,25%,par). Equity claw: 3y 40%. Ba1/NR/BB+ (stable/--/stable). Via BNP (B&D)/HSBC/CA jt glocos/ING/Medio/Natixis/SocGen/Barc/RBI jt books. No reg rights. List ISE. NY law.

Px talk: 2.50%-2.75%.

Did investor call at 11am UKT yesterday (1x1s end today early UK afternoon). Pricing today UK afternoon. UOP: refinance its EUR350m 3.25% notes due 11/01/25 (callable at 101.625), and GCP or dividend to its parent UGI Corp. Biz: markets and distributes liquified petroleum gas (LPG) in Europe and operates an energy marketing business. HQ: King of Prussia, PA.