Edition:
India

UGI Unit To Buy Columbia Midstream Group From Subsidiary Of TC Energy


Wednesday, 3 Jul 2019 

July 2 (Reuters) - UGI Corp ::UGI SUBSIDIARY TO ACQUIRE COLUMBIA MIDSTREAM GROUP, LLC FROM A SUBSIDIARY OF TC ENERGY CORPORATION.DEAL FOR APPROXIMATELY $1.275 BILLION.EXPECTS DEAL TO BE EPS NEUTRAL IN FISCAL YEAR 2020, AND ACCRETIVE BEGINNING IN FISCAL YEAR 2021 EXCLUDING TRANSACTION AND INTEGRATION COSTS.EXPECTS TO FUND TRANSACTION WITH A COMBINATION OF NEW DEBT AT UGI ENERGY SERVICES AND AVAILABLE LIQUIDITY AT UGI.TRANSACTION IS EXPECTED TO CLOSE IN UGI'S FISCAL Q4.IN CONNECTION WITH DEAL, UGI ENERGY SERVICES HAS SECURED A COMMITMENT FROM CREDIT SUISSE (USA) LLC TO PROVIDE A $700 MILLION BRIDGE FACILITY.CREDIT SUISSE IS SERVING AS UGI'S FINANCIAL ADVISOR AND LATHAM & WATKINS LLP IS SERVING AS LEGAL COUNSEL.CO'S UNIT UGI ENERGY SIGNED DEFINITIVE AGREEMENT TO ACQUIRE EQUITY INTERESTS OF COLUMBIA MIDSTREAM GROUP LLC FROM A UNIT OF TC ENERGY CORP.DEAL EXPANDS CO'S MIDSTREAM PORTFOLIO, PROVIDES OPPORTUNITY TO INVEST ADDITIONAL $300 - $500 MILLION OVER NEXT FIVE YEARS AT ATTRACTIVE RETURNS.