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Sunoco's $3.3 billion 7-Eleven deal faces bondholder snag: Bloomberg
October 13, 2017 / 4:53 PM / a month ago

Sunoco's $3.3 billion 7-Eleven deal faces bondholder snag: Bloomberg

(Reuters) - Sunoco LP's (SUN.N) bondholders are creating a stumbling block for the company's deal to sell more than 1,100 gas stations and convenience stores to 7-Eleven Inc [SILC.UL] for $3.3 billion, Bloomberg reported on Friday. (bloom.bg/2iaXI3U)

A group of creditors has told Sunoco it intends to oppose the company’s attempt to change the terms of the credit pact governing about $1.6 billion of bonds – a step Sunoco has said is needed to complete the sale, Bloomberg reported, citing a letter it saw.

The debtholders are demanding more money and better protections to agree to the changes in the bond indentures, Bloomberg reported, citing a person familiar with the matter.

Sunoco was not immediately available for a comment.

The company announced the deal to sell the 1,000 convenience stores to 7-Eleven’s U.S. unit in April to focus on its fuel supply business.

Sunoco’s shares fell as much as 5 percent $30.73 on Friday.

Reporting by John Benny in Bengaluru; Editing by Savio D'Souza

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