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UGI'S COMMON STOCK OFFERING IS PRICED AT $24 PER SHARE

 VALLEY FORGE, Pa., Sept. 23 /PRNewswire/ -- UGI Corp. (NYSE: UGI), a holding company with utility and propane marketing subsidiaries, today reported that its proposed public offering of 1,495,000 shares of common stock, including 195,000 shares for over-allotments, has been priced at $24 a share.
 The shares will be offered to the public by underwriters Donaldson, Lufkin & Jenrette Securities Corporation and Bear, Stearns & Co. Inc. UGI had approximately 30,440,000 shares outstanding on Aug. 31.
 UGI said it will use the net proceeds of approximately $34.5 million, assuming the sale of the over-allotments, to provide its AmeriGas, Inc. subsidiary with a portion of the funds it needs to purchase an additional 20 percent of the outstanding common stock of Petrolane Incorporated, and for general corporate purposes.
 As reported, AmeriGas and the former bondholders of Petrolane became owners of the national propane marketer on July 15 through a prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.
 AmeriGas is obligated under terms of the restructuring agreement to purchase the additional 20 percent of Petrolane's outstanding shares in December. The purchase will increase AmeriGas' ownership interest to 30 percent.
 Valley Forge-based AmeriGas, through its wholly owned subsidiary AmeriGas Propane and Petrolane, is the nation's largest retail propane marketer with a combined 700 district locations in 43 states.
 /delval/
 -0- 9/23/93
 /CONTACT: Vince Testa of UGI, 215-337-1000/
 (UGI)


CO: UGI Corporation, AmeriGas, Inc.; Petrolane Incorporated ST: Pennsylvania IN: UTI SU: OFR

MJ-LJ -- PH006 -- 5081 09/23/93 09:43 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
Words:257
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