CORPUS CHRISTI, Texas -- Susser Petroleum Partners LP, a Delaware limited partnership, has announced that it has priced its initial public offering (IPO) of 9.5 million common units representing limited partner interests in Susser Petroleum Partners at $20.50 per common unit.
The common units will trade on the New York Stock Exchange (NYSE) under the symbol SUSP beginning on September 20. The company expects the offering to close on September 25, subject to customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 1.425 million common units.
Upon the conclusion of the offering, the public will own a 43.4% limited partner interest in Susser Petroleum Partners, or a 49.9% limited partner interest if the underwriters exercise their option to purchase additional common units in full.
Susser Petroleum Partners was formed by Susser Holdings Corp. to engage in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings and third parties.
BofA Merrill Lynch, Barclays, Wells Fargo Securities and UBS Investment Bank are acting as joint book-running managers for the offering.
RBC Capital Markets, Raymond James, BMO Capital Markets, Baird and Janney Montgomery Scott are acting as co-managers for the offering.
Corpus Christi, Texas-based Susser Holdings is a third-generation, family-led business with approximately 1,100 company-operated or contracted locations. It operates approximately 550 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 Susser Petroleum Co., its wholesale fuel division.
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