CORPUS CHRISTI, Texas -- Susser Holdings Corp. has announced that it has priced a public secondary offering by affiliates of Wellspring Capital Management of 5,000,000 shares of Susser common stock at a price of $36 per share.
In addition, Wellspring has granted the underwriters a 30-day option to purchase up to an additional 750,000 of its shares in the company at a price of $36 per share.
The closing of the offering is expected to take place on July 23, 2012.
Susser will not receive any proceeds from the offering, and its total number of shares outstanding--which was 20,956,237 as of July 1, 2012--will not change as a result of the offering.
Corpus Christi, Texas-based Susser is a third-generation, family-led business with approximately 1,100 company-operated or contracted locations. It operates approximately 545 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in more than 335 of its stores, primarily under the proprietary Laredo Taco Co. brand. The Company also supplies branded motor fuel to approximately 565 independent dealers through its wholesale fuel division.
Separately, El Paso, Texas-based Western Refining Inc. has announced that its board has authorized a share repurchase program of up to $200 million. The share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This share repurchase program may be discontinued at any time by the board.
Jeff Stevens, Western's president and CEO, commented, "We have made tremendous progress in strengthening the company's balance sheet and [this action demonstrates] our commitment to delivering value to our shareholders. This share repurchase, in part, is to address potential shareholder dilution related to our convertible notes which mature in 2014."
Western Refining is an independent refining and marketing company headquartered in El Paso, Texas. Western operates refineries in El Paso, Texas, and Gallup, N.M. Western's asset portfolio also includes stand alone refined products terminals in Albuquerque and Bloomfield, N.M., gas stations and convenience stores in Arizona, Colorado, New Mexico and Texas; a fleet of crude oil and finished product truck transports; and wholesale petroleum products operations in Arizona, California, Colorado, Maryland, Nevada, New Mexico, Texas and Virginia.
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