CORPUS CHRISTI, Texas -- Susser Holdings Corp. announced yesterday that the underwriters of its initial public offering (IPO) have exercised their overallotment option in full and have purchased an additional 975,000 shares of common stock at the IPO price of $16.50 per share, less the underwriting discount.
The company also announced the closing of its IPO of an aggregate of 7,475,000 shares, including the shares purchased upon exercise of the overallotment option.
All of the shares were sold by Susser Holdings, and the net proceeds [image-nocss] of the offering (including the proceeds from the sale of shares from the exercise of the overallotment option) will be used to redeem a portion of its outstanding senior notes, repay outstanding revolving indebtedness and for general corporate purposes, including growth capital.
Corpus Christi, Texas-based Susser Holdings operates more than 320 retail convenience stores in Texas and Oklahoma and more than 340 branded dealer units through its wholesale fuel division.
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