Susser Petroleum Partners Completes IPO

Net proceeds total $209.8 million before expenses; Susser Holdings retains 50.1% of partnership

CORPUS CHRISTI, Texas -- Susser Petroleum Partners LP, a Delaware limited partnership, has announced that it has completed its initial public offering (IPO) of 10,925,000 common units representing limited partner interests in Susser Petroleum Partners at $20.50 per common unit.

The number of units issued at closing included 1,425,000 common units issued pursuant to full exercise of the underwriters' option to purchase additional common units. The common units of Susser Petroleum Partners are traded on the New York Stock Exchange (NYSE) under the symbol SUSP.

Net proceeds received by Susser Petroleum Partners from the sale of the common units totaled approximately $209.8 million, after deducting the underwriting discount and structuring fee, but before taking into account estimated offering expenses. The common units owned by the public following the completion of the offering represent a 49.9% limited partner interest in Susser Petroleum Partners. Corpus Christi, Texas-based Susser Holdings Corp., which owns the general partner of Susser Petroleum Partners, retains a 50.1% interest.

BofA Merrill Lynch, Barclays, Wells Fargo Securities and UBS Investment Bank acted as joint book-running managers for the offering.

RBC Capital Markets, Raymond James, BMO Capital Markets, Baird and Janney Montgomery Scott acted as co-managers for the offering.

Houston-based Susser Petroleum Partners LP is a master limited partnership (MLP) formed by Susser Holdings to engage in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings and third parties.

Susser Petroleum Partners distributes more than 1.4 billion gallons of motor fuel annually from major oil companies and independent refiners to Susser Holdings' Stripes convenience stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.