WHIPPANY, N.J., May 12, 2014 /PRNewswire/ -- 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 that it
intends, subject to market conditions, to publicly offer
$525 million aggregate principal
amount of senior notes due 2024 (the "2024 Senior Notes"). Suburban
Energy Finance Corp., a wholly-owned direct subsidiary of Suburban,
will serve as the co-issuer of the notes.
Suburban intends to use the net proceeds from the offering,
along with cash on hand, to fund a cash tender offer for any and
all of its $496.6 million of
outstanding indebtedness under its 7 1/2 % senior notes due
2018 (the "2018 Senior Notes"), including fees and expenses
associated with the cash tender offer. Simultaneously with the
launch of this offering of 2024 Senior Notes, Suburban launched a
cash tender offer for its 2018 Senior Notes.
Wells Fargo Securities, LLC 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, may be obtained from:
Wells Fargo Securities, LLC
Attn: Client Support
550 South Tryon Street
7th Floor MAC D1086-070
Charlotte, NC 28202
Telephone: (800) 326-5897
Email: cmclientsupport@wellsfargo.com
An electronic copy of the preliminary 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 2024 Senior 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 2024 Senior Notes will be made only by means of a preliminary
prospectus supplement and the accompanying base prospectus, which
is filed as part of Suburban's effective shelf registration
statement on Form S-3.
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 1.2
million residential, commercial, industrial and agricultural
customers through more than 750 locations in 41 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.
SOURCE Suburban Propane Partners, L.P.