Ugi Corp Stock Price, News & Analysis

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 The offer includes accrued and unpaid interest until the settlement date and can be withdrawn before June 25, 2024.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.

UGI (NYSE: UGI) announced the final unsuccessful remarketing of its 0.125% Series A Cumulative Perpetual Convertible Preferred Stock. The preferred stock has a liquidation preference of $1,000 per share and was originally issued as part of the company's corporate units on May 25, 2021. The company revealed that 2,200,000 corporate units are outstanding, each consisting of one 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 of UGI common stock, with cash paid for any fractional shares. The settlement rate was based on the volume-weighted average price of UGI's common stock over the 20 trading days ending May 30, 2024. The settlement of the purchase contracts is expected around June 3, 2024.

UGI (NYSE: UGI) announced the final remarketing period for its 0.125% Series A Cumulative Perpetual Convertible Preferred Stock. The period starts on May 23, 2024, and ends on May 30, 2024. The Convertible Preferred Stock has a liquidation preference of $1,000 per share. The Company issued this stock as part of its equity units in May 2021. There is no guarantee of successful remarketing during this period.

UGI (NYSE: UGI) has announced a quarterly dividend of $0.375 per share for common stock shareholders, payable on July 1, 2024. The company has a history of paying dividends for 140 consecutive years.

UGI reported strong financial results for the fiscal quarter ended March 31, 2024, with GAAP diluted EPS of $2.30 and adjusted diluted EPS of $1.97. The Board concluded the strategic review of its LPG businesses, focusing on AmeriGas Propane, and decided to retain ownership. The company aims for a long-term EPS growth rate of 4-6% and affirmed its commitment to return value to shareholders through dividend payments. UGI reaffirmed its fiscal 2024 adjusted diluted EPS guidance range of $2.70 - $3.00 per share.