Key Developments: Sunoco Logistics Partners LP (SXL)
61.21USD
17 May 2013
$0.22 (+0.36%)
$60.99
$61.08
$61.35
$60.75
215,334
278,101
$68.44
$31.65
Latest Key Developments (Source: Significant Developments)
SunoCo Logistics Partners LP Announces Second Consecutive 5 % Quarter Over Quarter Distribution Increase
SunoCo Logistics Partners LP announced that it has declared a cash distribution for the first quarter 2013 of $0.5725 per common unit ($2.29 annualized) to be paid on May 15, 2013 to unit holders of record on May 9, 2013. This represents a 5 % increase over the fourth quarter 2012 cash distribution of $0.5450 per common unit ($2.18 annualized) and a 34% increase over the first quarter 2012 cash distribution of $0.4275 per common unit ($1.71 annualized). This represents the thirty-second successive quarter the partnership has increased its distribution. Full Article
SunoCo Logistics Partners LP Increases Distribution 5 % Quarter over Quarter
SunoCo Logistics Partners LP announced that Sunoco Partners LLC, its general partner, has declared a cash distribution for the fourth quarter 2012 of $0.5450 per common unit ($2.18 annualized) to be paid on February 14, 2013 to unit holders of record on February 8, 2013. This represents a 5 % increase over the third quarter 2012 cash distribution of $0.5175 per common unit ($2.07 annualized) and a 30 % increase over the fourth quarter 2011 cash distribution of $0.4200 per common unit ($1.68 annualized). Full Article
SunoCo Logistics Partners LP Announces Pricing Of $700 Million Of Senior Notes
SunoCo Logistics Partners LP announced the pricing of $350 million aggregate principal amount of 3.45% senior notes due 2023 and $350 million aggregate principal amount of 4.95% senior notes due 2043 of its wholly owned subsidiary, Sunoco Logistics Partners Operations L.P.. The sale of the senior notes is expected to settle on January 10, 2013, subject to customary closing conditions. The Operating Partnership intends to use the net proceeds of approximately $692 million from this offering to repay in full the balance outstanding under its $350 million revolving credit facility and the balance outstanding under the $200 million revolving credit facility under which Sunoco Partners Marketing & Terminals L.P. is the borrower and SXL and the Operating Partnership are the guarantors. SXL will use the remainder of the net proceeds for general partnership purposes, including to partially finance its $700 million 2013 expansion capital plan. J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., and RBS Securities Inc. are acting as joint book-running managers for the offering. Deutsche Bank Securities Inc., Goldman, Sachs & Co., PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, and U.S. Bancorp Investments, Inc. are acting as co-managing underwriters. Full Article
SunoCo Logistics Partners LP Announces Board Changes-Form 8-K
SunoCo Logistics Partners LP reported in its Form 8-K that upon the effective time of the Merger, the following individuals were elected to the Company’s Board of Directors: Marshall S. (Mackie) McCrea, III, who will serve as Chairman. Also, as of the effective time of the Merger, Michael J. Colavita resigned as Interim Chief Financial Officer (CFO) of the Company, and Mr. Salinas was appointed as CFO. Full Article
Sunoco Logistics Partners L.P. Increases Dividend
Sunoco Logistics Partners L.P. announced that it has declared a cash distribution for the first quarter 2012 of $0.4275 per common unit ($1.71 annualized) to be paid on May 15, 2012 to unit holders of record on May 9, 2012. This represents the twenty-eighth consecutive quarterly distribution increase. Full Article
Sunoco Logistics Partners L.P. Announces Changes In Senior Management
Sunoco Logistics Partners L.P. announced that Michael J. Hennigan will become President and Chief Executive Officer (CEO), effective March 1, 2012. Mr. Hennigan, currently President and Chief Operating Officer of Sunoco Logistics, will replace Lynn L. Elsenhans, who is stepping down as Chief Executive Officer on March 1, 2012. Ms. Elsenhans also will be stepping down as Chairman and a Director of Sunoco Logistics effective May 3, 2012. Brian P. MacDonald, currently Vice President, Chief Financial Officer, and a Director of Sunoco Logistics, will succeed Ms. Elsenhans as Chairman of Sunoco Logistics beginning May 3, 2012. Full Article
Sunoco Logistics Partners L.P. Increases Distribution
Sunoco Logistics Partners L.P. announced that it has declared a cash distribution for the third quarter 2011 of $1.24 per common unit ($4.96 annualized) to be paid on November 14, 2011 to unit holders of record on November 8, 2011. Full Article
Sunoco Logistics Partners L.P. Reaffirms FY 2011 EBITDA Guidance-Conference Call
Sunoco Logistics Partners L.P. announced that for fiscal 2011, it still believe guidance of approximately eight times EBITDA multiple is a good estimate. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $399 million for fiscal 2011. Full Article
Sunoco Logistics Partners L.P. To Buy Eagle Point Tank Farm And East Boston Terminal From Sunoco, Inc. And ConocoPhillips
Sunoco Logistics Partners L.P. announced that it has reached an agreement with Sunoco, Inc. to purchase the Eagle Point tank farm and related assets, located in Westville, N.J., for approximately $100 million in deferred distribution units. Sunoco Logistics anticipates additional capital spending of approximately $90 million to provide for operational flexibility and to meet regulatory requirements. In a separate transaction, Sunoco Logistics announced that it has signed a definitive agreement to purchase a refined products terminal located in East Boston, Massachusetts from ConocoPhillips for $56 million plus the fair market value of inventory. This transaction is expected to be financed with borrowings under Sunoco Logistics’ revolving credit facilities pending more permanent financing. Both transactions are subject to customary closing conditions and are expected to be completed in the third quarter of 2011. Full Article
UPDATE 1-Sunoco to launch open season on Eaglebine pipeline project
HOUSTON, May 13 - Sunoco Logistics Partners LP on Tuesday will launch an open season on its proposed Eaglebine Express project to reverse an underused refined products pipeline and convert it to move crude oil from Texas shale oil plays to the U.S. Gulf Coast market, the company said on Monday.
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