HOUSTON -- Sunoco LP recently announced that the underwriters of a recent offering of eight million common units in the partnership have exercised their option to purchase additional common units, purchasing 1,061,838 common units for net proceeds of more than $47 million.
Combined net proceeds from the recent offering of the common units and the underwriters' purchase of the additional common units totaled approximately $406 million after deducting underwriting and other fees and will be used to repay indebtedness under Sunoco LP's revolving credit facility and for general partnership purposes.
Morgan Stanley, BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., Jefferies, J.P. Morgan, RBC Capital Markets, UBS Investment Bank and Wells Fargo Securities acted as joint book-running managers of the offering.
Sunoco LP is a master limited partnership (MLP) that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. It also operates more than 100 convenience stores and retail fuel sites. The company's general partner is a wholly owned subsidiary of Energy transfer Partners (ETP), Houston. While primarily engaged in natural gas, natural gas liquids, crude oil and refined products transportation, ETP also operates a retail business with a network of more than 5,500 company or independently operated retail fuel outlets and convenience stores through its wholly owned subsidiaries, Sunoco Inc. and Stripes LLC.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.