UGI International marketing €300 million seven-year notes offering

By Paul A. Harris

Portland, Ore., Oct. 15 – UGI International, a subsidiary of UGI Corp., is marketing €300 million of seven-year senior notes (expected ratings Ba1/BB+) on a roadshow set to run through Thursday, according to a market source.

Joint global coordinator and physical bookrunner BNP Paribas Securities Corp. will bill and deliver. Joint bookrunner HSBC Securities is also a joint global coordinator. Credit Agricole CIB, ING, Mediobanca, Natixis and SG CIB are also joint bookrunners. Barclays and RBI are co-managers.

The Rule 144A and Regulation S notes come with three years of call protection.

Proceeds will be used to pay off UGI International's credit facilities.

The prospective issuer is a European distributor and marketer of energy products, primarily liquified petroleum gas (LPG). It is a subsidiary of King of Prussia, Pa.-based UGI Corp.

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