<SEC-DOCUMENT>0001193125-19-183185.txt : 20191108
<SEC-HEADER>0001193125-19-183185.hdr.sgml : 20191108
<ACCEPTANCE-DATETIME>20190626214232
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-183185
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UGI CORP /PA/
		CENTRAL INDEX KEY:			0000884614
		STANDARD INDUSTRIAL CLASSIFICATION:	GAS & OTHER SERVICES COMBINED [4932]
		IRS NUMBER:				232668356
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		460 N GULPH RD
		STREET 2:		P O BOX 858
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406
		BUSINESS PHONE:		6103371000

	MAIL ADDRESS:	
		STREET 1:		460 NORTH GULPH ROAD
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW UGI CORP
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UGI CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">460 North Gulph Road </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">King of
Prussia, PA 19406 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 26, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Via EDGAR
</I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Daniel F. Duchovny </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Special Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Office of
Mergers and Acquisitions </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AmeriGas Partners, L.P.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> filed by UGI Corporation, AmeriGas, Inc., AmeriGas Propane, Inc., </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>AmeriGas Propane Holdings, Inc., AmeriGas Partners, L.P. and AmeriGas Propane </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Holdings, LLC </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed
May&nbsp;6, 2019 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;005-56353</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>UGI Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed May&nbsp;6, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-231242</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth
the responses of UGI Corporation (the &#147;<B><I>Company</I></B>,&#148; &#147;<B><I>we</I></B>,&#148; &#147;<B><I>our</I></B>&#148; and &#147;<B><I>us</I></B>&#148;) to the comments provided by the staff (the &#147;<B><I>Staff</I></B>&#148;) of the
Securities and Exchange Commission in its comment letter, dated June&nbsp;4, 2019 (the &#147;<B><I>Comment Letter</I></B>&#148;), with respect to the Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> filed by AmeriGas, Inc., AmeriGas Propane,
Inc., AmeriGas Propane Holdings, Inc., AmeriGas Partners, L.P., AmeriGas Propane Holdings, LLC (collectively, the &#147;<B><I>AmeriGas Entities</I></B>&#148;) and the Company on May&nbsp;6, 2019 (the &#147;<B><I>Schedule <FONT
STYLE="white-space:nowrap">13E-3</FONT></I></B>&#148;) and the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> filed by the Company on May&nbsp;6, 2019 (the &#147;<B><I>Registration Statement</I></B>&#148;). Concurrently
with the submission of this letter, the Company and the AmeriGas Entities have filed Amendment No.&nbsp;1 to the Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> (the &#147;<B><I><FONT STYLE="white-space:nowrap">13E-3</FONT>
Amendment</I></B>&#148;) and the Company has filed Amendment No.&nbsp;1 to the Registration Statement (the &#147;<B><I>Registration Statement Amendment</I></B>&#148;) through EDGAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, we have set forth each comment of the Staff from the Comment Letter in bold and italics below and provided our response
below each comment. All references to page numbers and captions correspond to the <FONT STYLE="white-space:nowrap">13E-3</FONT> Amendment or the Registration Statement Amendment (except for such page numbers and captions included in the Staff&#146;s
transposed comments), as applicable, and all capitalized terms used but not defined herein have the meaning given to such terms in the <FONT STYLE="white-space:nowrap">13E-3</FONT> Amendment or the Registration Statement Amendment, as applicable.
</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 26, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please remove the first sentence of the penultimate paragraph of the Introduction section that the filing
of the Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> shall not be construed as an admission that Partnership is &#147;controlled&#148; by any filing person or affiliate of a filing person for purposes of Rule
<FONT STYLE="white-space:nowrap">13e-3.</FONT> Given your determination to file the Schedule <FONT STYLE="white-space:nowrap">13E-3,</FONT> the filing persons may not make the stated disclaimer.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The AmeriGas Entities acknowledge the Staff&#146;s comment and have removed the referenced sentence. Please see page 2 of the <FONT
STYLE="white-space:nowrap">13E-3</FONT> Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please fill in the blanks in your disclosure. </I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company respectfully submits that it intends to disclose the information currently represented by blanks in subsequent
amendments to the Registration Statement when such information becomes known. Most of this information will not be known until the record date for the special meeting has been set. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notice of Special Meeting </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>It appears that your definition of Unaffiliated AmeriGas Unitholders includes within it affiliates: for
example, some of your officers and directors. Please revise here and throughout the filing to more clearly and consistently articulate whether the going private transaction is substantively and procedurally fair to security holders who are not
affiliates of AmeriGas. See Item 1014(a) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> </I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and has revised the definition of Unaffiliated AmeriGas Unitholders to
clarify that such definition does not include affiliates of the Company, the General Partner or AmeriGas, and in particular, any directors or executive officers of such entities, as applicable. Please see the introductory letter and notice to
AmeriGas Unitholders. The Company has also added explanatory parentheticals and clauses throughout the Registration Statement Amendment to add additional clarity. For examples, please see pages&nbsp;24 and 43 of the Registration Statement Amendment.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please prominently disclose the information required by Items 7, 8 and 9 of Schedule <FONT
STYLE="white-space:nowrap">13E-3</FONT> in a &#147;Special Factors&#148; section in the front of the proxy statement/prospectus and caption the disclosure as such. Refer to Rule <FONT STYLE="white-space:nowrap">13a-3(e)(1)(ii).</FONT> In this
respect, ensure that the Special Factors appear immediately after the Summary. Also, revise the Summary and Q&amp;A sections to shorten them significantly and to avoid duplication and relocate the other sections currently appearing in front of the
Special Factors. </I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and has inserted an
overview of the &#147;Special Factors&#148; section on page 19 of the Registration Statement Amendment that more clearly outlines where the information required by Items 7, 8 and 9 of Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> can be
found in the Registration Statement Amendment. The Company has also moved the &#147;Special Factors&#148; section to immediately follow the Summary. Finally, the Company has shortened the Summary and Q&amp;A sections. For example, please see
&#147;Summary&#151;Risk Factors Relating to the Merger and Ownership of AmeriGas Common Units&#148; and &#147;Summary&#151;Conditions to Completion of the Merger&#148; on page 6 and page&nbsp;8 of the Registration Statement Amendment, respectively,
where certain duplicative disclosures have been shortened or removed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;26, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Unaudited Financial Projections of UGI and AmeriGas </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise your disclosure to include all financial projections prepared in connection with the
merger. In this respect, we note on page 82 that TPH used three operational cases in relation to the Forecasts.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comments and has included the three operational cases on pages&nbsp;35 and 36 of the
Registration Statement Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recommendation of the GP Audit Committee and the GP Board </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that the GP Audit Committee considered the financial presentations and opinion of THP regarding
the fairness of the transaction. Note that if any filing person has based its fairness determination on the analysis of factors undertaken by others, such person must expressly adopt this analysis and discussion as their own in order to satisfy the
disclosure obligation. See Question 20 of Exchange Act Release No.</I></B><B><I></I></B><B><I><FONT STYLE="white-space:nowrap">&nbsp;34-17719</FONT> (April 13, 1981). Please revise to clarify whether the GP Audit Committee adopted the financial
advisor&#146;s analysis and opinion.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comments and
confirms that the GP Audit Committee expressly adopted TPH&#146;s opinion and financial analyses. We have provided updated disclosures on page 45 of the Registration Statement Amendment. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your disclosure on page 75 that the GP Audit Committee considered that the merger is not
conditioned on the approval of a majority of the Unaffiliated AmeriGas Unitholders. Please revise your disclosure to expand on the consideration given to this factor in reaching the fairness determination.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comments and has provided an updated disclosure on page 43 of the Registration
Statement Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Opinion of the Financial Advisor to the GP Audit Committee </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>With respect to the Discounted Distribution and Discounted Cash Flows analyses, disclose the bases for
TPH&#146;s selection of the discount rates, distribution yield multiples exit multiples, and the terminal value DCF multiples. </I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and has provided updated disclosures beginning on page 55 of the
Registration Statement Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise to disclose the data underlying the results described in each analysis and show how that
information resulted in the values disclosed in the AmeriGas Financial Analyses. For example, disclose (i)</I></B><B><I></I></B><B><I>&nbsp;the 2018A, 2019E and 2020E DCF/Unit that resulted in the multiples disclosed on page 83 in the Selected
Company Analysis, (ii)</I></B><B><I></I></B><B><I>&nbsp;the transaction value and EBITDA multiples for each comparable transaction that is the basis for the results disclosed on pages <FONT STYLE="white-space:nowrap">41-42</FONT> with respect to the
Selected Propane Transactions, (iii)</I></B><B><I></I></B><B><I>&nbsp;the company&#146;s projected distributions that were used in conducting the Discounted Distribution Analysis (or a cross-reference to those projections), and
(iv)</I></B><B><I></I></B><B><I>&nbsp;the company&#146;s estimated levered distributable cash flow used in the </I></B><B><I>Discounted Cash Flow Analysis (or a cross-reference to those projections). Please also apply this comment to the relevant
measures in the UGI and Pro Forma UGI Financial Analyses.</I></B> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 26, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and has provided updated
disclosures on pages 51 through 60 of the Registration Statement Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please expand the description of the preliminary THP presentations (pages
<FONT STYLE="white-space:nowrap">88-89)</FONT> to include a summary of the results of the analysis conducted for each presentation. Also, given the general proximity in time from one presentation to the next, please describe the changes in
information that THP considered in each preliminary presentation.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the
Staff&#146;s comment and has provided updated disclosures beginning on page 61 of the Registration Statement Amendment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">11.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that THP will be entitled to receive a fee of $3.25</I></B><B><I></I></B><B><I>&nbsp;million upon
consummation of the merger. Please clarify whether the fee is payable only if the merger is consummated. Please also apply this comment to the fee payable to J.P. Morgan described in the third paragraph of page 102.</I></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Company acknowledges the Staff&#146;s comment and has provided updated disclosures on pages 68 and 79 of the Registration
Statement Amendment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Where You can Find More Information </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">12.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>While we recognize that any documents you file pursuant to Section</I></B><B><I></I></B><B><I>&nbsp;13(a)
or 15(d) of the Exchange Act after the date the prospectus is declared effective may be deemed incorporated by reference into the Form <FONT STYLE="white-space:nowrap">S-4,</FONT> Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> does not
permit forward-incorporation by reference. Please confirm that the Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> will be amended to specifically include any information that is deemed to be forward-incorporated by reference into the Form <FONT
STYLE="white-space:nowrap">S-4,</FONT> or advise.</I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U><I>: </I>The Company and the AmeriGas Entities
supplementally confirm to the Staff that if they make any filings under Sections 13(a) or 15(d) of the Exchange Act, they may be required to amend the Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> to specifically incorporate such filings by
reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;26, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please direct any questions or comments regarding the foregoing to the undersigned at (610) <FONT
STYLE="white-space:nowrap">337-1000</FONT> or to our counsel at Latham&nbsp;&amp; Watkins LLP, Ryan Maierson, at (713) <FONT STYLE="white-space:nowrap">546-7420.</FONT> </P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>UGI Corporation</B></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Monica M. Gaudiosi</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Monica M. Gaudiosi</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President and General Counsel, Secretary</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jessica A. Milner, UGI Corporation </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ryan Maierson, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">John Greer, Latham&nbsp;&amp; Watkins LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Kevin M. Richardson, Latham&nbsp;&amp; Watkins LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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