Ugi Corp - UGI STOCK NEWS

UGI (NYSE: UGI) has announced the election of Tina Faraca to its Board of Directors, effective August 7, 2024. Ms. Faraca, currently serving as Executive Vice President and President of U.S. Natural Gas Pipelines at TC Energy , brings extensive experience in energy infrastructure and strategic planning. Her appointment is expected to bolster UGI's leadership with her industry expertise and operational knowledge.

Prior to her role at TC Energy, Ms. Faraca held key positions at Enable Midstream Partners and Enbridge, showcasing a strong background in commercial operations and strategic development within the energy sector. UGI's Interim President and CEO, Mario Longhi, expressed confidence that Ms. Faraca's experience will be a valuable asset to the company's board.

UGI (NYSE: UGI) reported its fiscal 2024 third quarter results, showing improvement over the prior year. Q3 GAAP diluted EPS was $(0.23) and adjusted diluted EPS was $0.06, compared to $(3.76) and $0.00 respectively in the prior-year period. Year-to-date GAAP diluted EPS reached $2.52 and adjusted diluted EPS was $3.22, up from $(7.78) and $2.81 in the previous year. The company achieved a $38 million year-over-year reduction in operating and administrative expenses across all segments. UGI refinanced over $1 billion of debt and completed approximately $460 million of debt reduction at AmeriGas Propane. The company maintains its fiscal 2024 adjusted diluted EPS guidance range of $2.70 - $3.00 per share.

UGI (NYSE: UGI) has announced a quarterly dividend of $0.375 per share on its common stock. The dividend is set to be paid on October 1, 2024, to shareholders who are on record as of September 16, 2024. This declaration by UGI's Board of Directors demonstrates the company's commitment to providing regular returns to its shareholders. The dividend announcement is a key piece of information for current and potential investors, as it reflects the company's financial health and shareholder value strategy.

UGI (NYSE: UGI) has released its 2023 ESG report titled, The Journey: Managing Climate Risks and Opportunities. The report reveals a 50% reduction in Scope I (direct) emissions, with a target of 55% by 2025. UGI also achieved a 25% increase in spend with diverse Tier I and Tier II suppliers, meeting this goal two years early. The report highlights alignment with several United Nations Sustainable Development Goals and showcases recent ESG recognitions, including maintaining an AAA MSCI rating, a 'B' ranking from the Carbon Disclosure Project (CDP), and an upgrade to Medium-Risk from Morningstar Sustainalytics. Interim CEO Mario Longhi expressed UGI's commitment to evaluating climate risks and opportunities, aiming to innovate and improve services for customers, investors, and employees.

UGI (NYSE: UGI) will release its third fiscal quarter earnings results after the market closes on August 7, 2024.

The company will host a live audio webcast on August 8 at 9:00 AM ET to discuss the earnings results and other current activities. Interested parties can access the webcast live or in replay via the UGI website.

UGI (NYSE: UGI) announced early tender results for its subsidiaries, AmeriGas Partners and AmeriGas Finance Corp., regarding their cash tender offer for 5.500% Senior Notes due 2025. The Offerors increased the purchase cap from $450 million to $475 million. As of the early tender deadline, $632.586 million in principal amount was tendered, with $475 million accepted for purchase. Any tendered notes not accepted will be credited back to holders' accounts. The acceptance was made on a pro rata basis, with a proration factor of approximately 75.17%. No further notes will be accepted after the early tender deadline. Payment for accepted notes will be made on June 27, 2024.

UGI has announced that its subsidiaries, AmeriGas Partners and AmeriGas Finance Corp., have initiated a cash tender offer to purchase up to $450 million of their 5.500% Senior Notes due 2025. The offer, set forth in the Offer to Purchase dated June 11, 2024, provides a purchase price of $1,005 per $1,000 principal amount of Notes tendered by June 25, 2024, with an early tender payment of $50. Notes tendered after this date but by July 11, 2024, will receive $955 per $1,000 principal amount. The offer includes accrued and unpaid interest until the settlement date and can be withdrawn before June 25, 2024. BNP Paribas Securities Corp. is acting as the Dealer Manager for this offer.

UGI has announced the pricing of a $610 million offering of 5% convertible senior notes due 2028, an increase from the initially planned $600 million. These notes are being offered privately to qualified institutional buyers under Rule 144A. The sale is expected to close on June 11, 2024, with an additional option for purchasers to buy up to $90 million more notes within 13 days. These senior unsecured obligations will accrue interest semi-annually and mature on June 1, 2028. The initial conversion rate is 36.2319 shares per $1,000 principal, with an approximate conversion price of $27.60 per share. UGI plans to use the $593 million net proceeds to refinance existing debt and for general corporate purposes. The notes and any shares issued upon conversion will not be registered under the Securities Act.

UGI (NYSE: UGI) has announced a proposed offering of $600 million in convertible senior notes due in 2028. These notes will be offered privately to qualified institutional buyers. UGI has also granted an option for the initial purchasers to buy an additional $90 million of notes. The notes are senior, unsecured, and will accrue interest semi-annually, maturing on June 1, 2028. They can be converted into cash and, if applicable, shares of UGI common stock under specific conditions. Noteholders can require UGI to repurchase the notes if a 'fundamental change' occurs. The proceeds will be used to refinance existing debt and for general corporate purposes.