Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SUBURBAN PROPANE PARTNERS LP | y03199e8vk.htm |
| EX-1.1 - EX-1.1 - SUBURBAN PROPANE PARTNERS LP | y03199exv1w1.htm |
| EX-10.1 - EX-10.1 - SUBURBAN PROPANE PARTNERS LP | y03199exv10w1.htm |
| EX-99.1 - EX-99.1 - SUBURBAN PROPANE PARTNERS LP | y03199exv99w1.htm |
|
News Release Contact: Michael Stivala Chief Financial Officer P.O. Box 206, Whippany, NJ 07981-0206 Phone: 973.503.9395 |
FOR IMMEDIATE RELEASE
Suburban Propane Partners, L.P.
Announces Pricing of Public Offering of Senior Notes
Announces Pricing of Public Offering of Senior Notes
Whippany, New Jersey, March 10, 2010— Suburban Propane Partners, L.P. (NYSE:SPH)
(“Suburban”), a nationwide distributor of propane, fuel oil and related products and services, as
well as a marketer of natural gas and electricity, announced today the pricing of its public
offering of $250 million aggregate principal amount of 7 3/8% senior notes due 2020. Suburban
Energy Finance Corp., a wholly-owned direct subsidiary of Suburban, is the co-issuer of the notes.
The sale of the notes is expected to close on March 23, 2010.
The notes will bear interest at a rate of 7 3/8% per year and mature on March 15, 2020.
Before March 15, 2013, Suburban may redeem up to 35% of the aggregate principal amount of
outstanding notes with the net proceeds from certain offerings of its common units at a redemption
price equal to 107.375% of their principal amount, plus accrued and unpaid interest, if any, to
the redemption date. On or after March 15, 2015, Suburban may redeem the notes at the prices set
forth in the prospectus supplement. In addition, prior to March 15, 2015 Suburban may redeem the
notes at a “make whole” premium.
Suburban intends to use the net proceeds from the offering to fund the issuers’ tender offer
for all of its outstanding 6.875% senior notes due 2013 that was launched on March 9, 2010. To the
extent any of the issuers’ 6.875% senior notes due 2013 remain outstanding after expiration of the
tender offer, the issuers intend to redeem the notes in accordance with the indenture governing the
6.875% senior notes due 2013.
BofA Merrill Lynch is acting as representative of the underwriters for the offering. A copy of
the preliminary prospectus supplement and the accompanying base prospectus, which is filed as part
of Suburban’s effective shelf registration statement on Form S-3 (File No. 333-165368), may be
obtained from:
Banc of America Securities LLC
One Bryant Park
New York, NY 10036
Attention: Prospectus Department
(800) 294-1322
dg.prospectus_distribution@bofasecurities.com
One Bryant Park
New York, NY 10036
Attention: Prospectus Department
(800) 294-1322
dg.prospectus_distribution@bofasecurities.com
An electronic copy of the prospectus supplement and the accompanying base prospectus may also
be obtained at no charge at the Securities and Exchange Commission’s website at www.sec.gov.
The notes are being offered pursuant to an effective registration statement that Suburban
previously filed with the Securities and Exchange Commission. This press release does not
constitute an offer to sell or a solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the laws of
such jurisdiction. The offering of the notes will be made only by means of a prospectus supplement
and the accompanying base prospectus, which is filed as part of Suburban’s effective shelf
registration statement on Form S-3 (File No. 333-165368).
About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. is a publicly-traded master limited partnership listed on the
New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer
service business since 1928. Suburban serves the energy needs of approximately 850,000
residential, commercial, industrial and agricultural customers through more than 300 locations in
30 states.
Forward-Looking Statements
This press release includes forward-looking statements. All statements, other than statements
of historical facts, included in this press release that address activities, events or developments
that Suburban expects, believes or anticipates will or may occur in the future are forward-looking
statements, including statements regarding closing of the offering and the use of proceeds of the
offering. These statements reflect Suburban’s expectations or forecasts based on assumptions made
by the partnership. These statements are subject to risks including those relating to market
conditions, financial performance and results, prices and demand for natural gas and oil and other
important factors that could cause actual results to differ materially from our forward looking
statements. These risks are further described in Suburban’s reports filed with the Securities and
Exchange Commission.
Any forward-looking statement speaks only as of the date on which such statement is made and
Suburban undertakes no obligation to correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise.
* * *