CORPUS CHRISTI, Texas -- Susser Holdings Corp. added $72 million to its bank account following a public offering of 3.5 million shares of common stock this week, as previously reported by CSP Daily News. The stock sold for $21.75 per share.
The net proceeds from this offering were approximately $72 million, after deducting underwriting discounts and commissions and estimated offering expenses, according to a company filing with the Securities & Exchange Commission (SEC).
The company intends to use net proceeds from this offering for growth capital for new-store development and general corporate purposes, which may include opportunistic debt reduction, from time to time, based on market conditions.
A previous SEC filing offered details on how and where the public company plans to grow.
"Our strategy is to continue to increase sales and profitability through the successful implementation of our operating plan, which includes growing our retail and wholesale operations in existing and contiguous markets," the company said in the filing.
The 29-page document breaks Susser's strategy into four specific elements:
- Expand Retail & Wholesale Operations.
- Expand & Enhance Proprietary Restaurant Offering.
- Continue to Enhance the Operating Performance of Stores.
- Pursue Acquisitions in Existing & Contiguous Markets.
(See Related Content below for details.)
Corpus Christi, Texas-based Susser Holdings Corp. is a third-generation, family-led business with approximately 1,100 convenience stores in its network. The company salary-operates 539 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner.
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