HOUSTON -- Susser Petroleum Partners LP has announced that it has commenced, subject to market conditions, a registered underwritten public offering of eight million common units representing limited partner interests, pursuant to an effective shelf registration statement previously filed with the U.S. Securities & Exchange Commission (SEC).
It priced them at $46.25 per common unit.
The partnership expects to grant the underwriters a 30-day option to purchase up to 1.2 million additional common units.
The partnership intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of their option to purchase additional common units, to repay indebtedness under its revolving credit facility and for general partnership purposes, it said.
Houston-based Susser Petroleum is a growth-oriented limited partnership engaged in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings Corp. and third parties. As a result of the recent acquisition of Mid-Atlantic Convenience Stores LLC, the partnership, through its subsidiaries, also engages in the retail sale of motor fuel and the operation of retail convenience stores. It distributes approximately 1.7 billion gallons of motor fuel annually to Stripes and Sac-N-Pac 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, Kansas and Louisiana.
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.