Key Developments: Suburban Propane Partners LP (SPH)
48.30USD
24 May 2013
$0.52 (+1.09%)
$47.78
$47.73
$48.40
$47.55
104,150
244,594
$50.25
$34.58
Latest Key Developments (Source: Significant Developments)
Suburban Propane Partners LP Announces Closing Of Public Offering Of Common Units And Full Exercise Of Underwriters' Option
Suburban Propane Partners LP announced that its underwritten public offering of 2,700,000 common units representing limited partner interests in Suburban closed on May 17, 2013 (the Initial Closing Date). The offering was priced at $48.16 per common unit (the Offering Price). Wells Fargo Securities, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, Credit Suisse, Deutsche Bank Securities and Goldman, Sachs & Co. acted as joint book-running managers of the offering. Suburban intends to use the net proceeds from this offering, including net proceeds from the exercise by the underwriters of their option to purchase additional common units, to repay outstanding senior unsecured indebtedness with an aggregate principal amount of up to $135 million, and any remainder for working capital and general partnership purposes. Full Article
Suburban Propane Partners LP Announces Pricing Of Public Offering Of Common Units
Suburban Propane Partners LP announced that its underwritten public offering of 2,700,000 common units representing limited partner interests in Suburban was priced at $48.16 per common unit to the public for total net proceeds (after considering underwriter commissions and other estimated offering expenses) of approximately $124.6 million (or approximately $143.4 million if the underwriters exercise in full their option to purchase 405,000 additional common units). Suburban expects the delivery of the common units to occur on May 17, 2013, subject to customary closing conditions. Suburban intends to use the net proceeds from this offering and from any exercise by the underwriters of their option to purchase additional common units to repay outstanding senior unsecured indebtedness up to an aggregate principal amount of $135 million, and any remainder for working capital and general partnership purposes. Full Article
Suburban Propane Partners LP Announces Public Offering Of Common Units
Suburban Propane Partners LP announced that it has commenced an underwritten public offering to sell 2,700,000 common units representing limited partner interests in Suburban. Suburban also intends to grant the underwriters a 30-day option to purchase up to 405,000 additional common units. Suburban intends to use the net proceeds from this offering and from any exercise by the underwriters of their option to purchase additional common units to repay outstanding senior unsecured indebtedness up to an aggregate principal amount of $135 million, and any remainder for working capital and general partnership purposes. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, Credit Suisse, Deutsche Bank Securities and Goldman, Sachs & Co. are acting as joint book-running managers of the offering. Full Article
Suburban Propane Partners LP Declares Quarterly Distribution Of $0.8750 per Common Unit
Suburban Propane Partners LP announced that its Board of Supervisors declared a quarterly distribution of $0.8750 per Common Unit for the three months ended March 30, 2013. This quarterly distribution rate equates to an annualized rate of $3.50 per Common Unit. The distribution is payable on May 14, 2013 to Common Unitholders of record as of May 7, 2013. Full Article
Suburban Propane Partners LP Declares Increase In Annualized Distribution Rate To $3.50 Per Common Unit
Suburban Propane Partners LP announced that Board of Supervisors declared increase in the Partnership's quarterly distribution from $0.8525 to $0.8750 per Common Unit for the three months ended December 29, 2012, or $3.50 per Common Unit on an annualized basis. The distribution is payable on February 12, 2013 to Common Unitholders of record as of February 5, 2013. Full Article
Suburban Propane Partners LP Declares Quarterly Distribution Of $0.8525 Per Common Unit
Suburban Propane Partners LP announced that its Board of Supervisors declared a quarterly distribution of $0.8525 per Common Unit for the three months ended September 29, 2012. The distribution is payable on November 13, 2012 to Common Unitholders of record as of November 6, 2012. Full Article
Suburban Propane Partners LP Announces Closing Of Public Offering Of Common Units
Suburban Propane Partners LP announced that its underwritten public offering of 6,300,000 common units representing limited partner interests in Suburban was closed on August 14, 2012 (the Initial Closing Date). The offering was priced at $37.61 per common unit. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and Raymond James acted as joint book-running managers of the offering. Stifel Nicolaus Weisel acted as co-manager of the offering. On the Initial Closing Date, Suburban received approximately $226.5 million of net proceeds from the offering (after considering underwriter commissions and other estimated offering expenses). Also on the Initial Closing Date, Suburban used the net proceeds from the offering to repay its borrowing of $225 million. The remaining net proceeds from the offering, including the proceeds from the underwriters' purchase of 945,000 additional common units pursuant to the over-allotment option in connection with the offering, will be used for working capital and general partnership purposes. Full Article
Suburban Propane Partners, L.P. Announces Pricing Of Public Offering Of Common Units
Suburban Propane Partners, L.P. announced that its underwritten public offering of 6,300,000 common units representing limited partner interests in Suburban was priced at $37.61 per common unit to the public for total net proceeds of approximately $226.5 million (or approximately $260.6 million if the underwriters exercise in full their option to purchase 945,000 additional common units). Suburban expects the delivery of the common units to occur on August 14, 2012. Suburban intends to use the net proceeds from this offering and from the underwriters' exercise of their option to purchase additional common units, to repay borrowing of $225 million on August 1, 2012 under 364-day incremental term loan facility provided under the First Amendment to Amended and Restated Credit Agreement, dated August 1, 2012, incurred in connection with acquisition of Inergy, L.P.'s retail propane operations on that date, and for working capital and general partnership purposes. Suburban intends to use the net proceeds from this offering and from the underwriters' exercise of their option to purchase additional common units, to repay borrowing of $225 million on August 1, 2012 under 364-day incremental term loan facility provided under the First Amendment to Amended and Restated Credit Agreement, dated August 1, 2012, incurred in connection with acquisition of Inergy, L.P.'s retail propane operations on that date, and for working capital and general partnership purposes. Full Article
Suburban Propane Partners, L.P. Announces Public Offering of Common Units
Suburban Propane Partners, L.P. announced that it has commenced an underwritten public offering to sell 6,300,000 common units representing limited partner interests in Suburban. Suburban also intends to grant the underwriters a 30-day option to purchase up to 945,000 additional common units. Suburban intends to use the net proceeds from this offering and from the underwriters' exercise of their option to purchase additional common units, if any, to repay its borrowing of $225 million on August 1, 2012 under its 364-day incremental term loan facility provided under the First Amendment to its Amended and Restated Credit Agreement, dated August 1, 2012, incurred in connection with its acquisition of Inergy, L.P.'s retail propane operations on that date, and for working capital and general partnership purposes. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and Raymond James are acting as joint book-running managers of the offering. Full Article
Suburban Propane Partners, L.P. Completes Acquisition Of Inergy, L.P.'s Retail Propane Operations
Suburban Propane Partners, L.P. announced that it has successfully completed the acquisition of Inergy L.P.'s (Inergy) retail propane operations, effective August 1, 2012. The stated purchase price of the acquisition was approximately $1.8 billion. In connection with the Inergy Propane Acquisition, the Partnership successfully completed on August 1, 2012, its previously announced offers to exchange ("Exchange Offers") and related consent solicitations in connection with certain outstanding notes of Inergy, pursuant to which it issued $496.6 million principal amount of new unsecured 7 ½% Senior Notes due 2018 and $503.4 million principal amount of new unsecured 7⅜% Senior Notes due 2021, and paid $184.8 million in cash to Inergy noteholders pursuant to the Exchange Offers. Additionally, the Partnership distributed 14.2 million new Suburban common units to Inergy, of which all but 0.1 million common units will subsequently be distributed by Inergy to its unitholders. Full Article
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