CORPUS CHRISTI, Texas -- Susser Holdings Corp. has announced that the underwriters of its recent public offering of common stock have exercised their additional purchase option in part, purchasing 275,000 shares of common stock at a public offering price of $21.75 per share.
Earlier this month Susser Holdings sold 3.5 million common shares of its stock through an underwritten public offering. After giving effect to the underwriters' purchase of these additional shares, combined net proceeds from the offering totaled approximately $77.7 million, after deducting underwriting discounts and commissions and estimated offering expenses.
Susser intends to use the 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.
BofA Merrill Lynch was the sole book-running manager for this offering. BMO Capital Markets and Morgan Keegan acted as joint lead managers for the offering. RBC Capital Markets and Wells Fargo Securities acted as senior co-managers for the offering. Imperial Capital and Sidoti & Co. LLC acted 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. The company operates 540 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in more than 325 of its stores, primarily under the proprietary Laredo Taco Co. brand. It also supplies branded motor fuel to approximately 560 independent dealers through its wholesale fuel division.
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