UGI Announces Results of Final Remarketing of 0.125% Series A Cumulative Perpetual Convertible Preferred Stock and Settlement Rate for Purchase Contracts Forming Part of its Corporate Units
May 30 2024 - 5:15PM
Business Wire
UGI Corporation (NYSE: UGI) (the “Company”) announced today the
unsuccessful final remarketing of its 0.125% Series A Cumulative
Perpetual Convertible Preferred Stock, without par value, with a
liquidation preference of $1,000 per share (the “Convertible
Preferred Stock”), originally issued on May 25, 2021 as part of
Company’s corporate units (the “Corporate Units”), and the
settlement rate of the purchase contracts that form part of
Corporate Units. As of the date of this release, 2,200,000
Corporate Units were outstanding, each consisting of one purchase
contract (each, a “Purchase Contract”) and a 10% undivided
beneficial interest in one share of Convertible Preferred
Stock.
Each holder of a Corporate Unit will receive 2.2973 shares (the
“Settlement Rate”) of UGI common stock, without par value, with
cash to be paid in lieu of any fractional share. The Settlement
Rate was determined based upon the daily volume-weighted average
price per share of UGI’s common stock over the 20 consecutive
trading days ending on, and including, May 30, 2024.
As of June 3, 2024, the Convertible Preferred Stock in which the
Corporate Units represent a beneficial ownership interest will be
delivered, automatically and without requiring any action by the
holders of such Corporate Units, to UGI to satisfy in full the
obligations to pay the purchase price for the UGI common stock to
be delivered upon settlement of the Purchase Contracts forming part
of such Corporate Units. Settlement of the Purchase Contracts is
expected to occur on or about June 3, 2024.
About UGI Corporation UGI Corporation (NYSE: UGI) is a
distributor and marketer of energy products and services in the US
and Europe. UGI offers safe, reliable, affordable, and sustainable
energy solutions to customers through its subsidiaries, which
provide natural gas transmission and distribution, electric
generation and distribution, midstream services, propane
distribution, renewable natural gas generation, distribution and
marketing, and energy marketing services.
Forward-Looking Statements This press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and of the Securities Exchange Act of 1934. Forward-looking
statements represent UGI’s current expectations regarding future
events and are subject to known and unknown risks and uncertainties
that could cause actual results to differ materially from those
implied by the forward-looking statements. Among those risks and
uncertainties are market conditions and risks relating to UGI’s
business, including those described in periodic reports that UGI
files from time to time with the SEC. The forward-looking
statements included in this press release speak only as of the date
of this press release, and UGI does not undertake to update the
statements included in this press release for subsequent
developments, except as may be required by law.
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Investor Relations 610-337-1000 Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
UGI (NYSE:UGI)
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