Commentary & Deal Flow

UGI International LLC (UGI) EUR400m 144A/Reg S sr notes due 12/01/29 (8y). NC3 (MWC B+50bp), then at 101.25, 100.625, 100. Equity claw: 3y 40% at 102.50. 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. Semi pay starts 06/01/22. Settles 12/07 (T+8). Reg S ISIN: XS2414835921. Px talk: 2.50%-2.75%. Guidance: 2.50%-2.625%.

Priced: 2.50% at 100. +289.6bp vs DBR 0% 08/15/29.

Did investor call at 11am UKT Monday (1x1s ended yesterday early UK afternoon). Books closed at 10:30am UKT today. 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.