WHIPPANY,
N.J., Feb. 7, 2017
/PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE: SPH)
("Suburban"), a nationwide distributor of propane, fuel oil and
related products and services, as well as a marketer of natural gas
and electricity, announced today that it intends, subject to market
conditions, to publicly offer $350,000,000 aggregate principal amount of senior
notes due 2027 (the "2027 Senior Notes"). Suburban Energy Finance
Corp., a wholly-owned direct subsidiary of Suburban, will serve as
the co-issuer of the 2027 Senior Notes.
Suburban intends to use the net proceeds from the
offering, together with a combination of cash on hand and
borrowings under its existing revolving credit facility, to fund a
cash tender offer for any and all of its $346,180,000 of outstanding indebtedness under
its 7 3/8% senior notes due 2021 (the "2021 Senior Notes"),
including fees and expenses associated with the cash tender offer.
Simultaneously with the launch of this offering of 2027 Senior
Notes, Suburban launched a cash tender offer for the 2021 Senior
Notes.
Wells Fargo Securities, LLC is acting as representative of
the underwriters for the offering. A copy of the preliminary
prospectus supplement and the accompanying base prospectus, which
is filed as part of Suburban's effective shelf registration
statement on Form S-3, may be obtained from:
Wells Fargo Securities, LLC
550 S. Tryon Street, 5th
Floor
Charlotte, North Carolina
28202
Fax: (704) 410-4874 (with such fax to be confirmed by
telephone to (704) 383-0550)
Attention: High Yield Syndicate
An electronic copy of the preliminary prospectus
supplement and the accompanying base prospectus may also be
obtained at no charge at the Securities and Exchange Commission's
website at www.sec.gov.
The 2027 Senior Notes are being offered pursuant to an
effective registration statement that Suburban previously filed
with the Securities and Exchange Commission. This press release
does not constitute an offer to sell or a solicitation of an offer
to buy the securities described herein, nor shall there be any sale
of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the laws of such jurisdiction. The offering
of the 2027 Senior Notes will be made only by means of a
preliminary prospectus supplement and the accompanying base
prospectus, which is filed as part of Suburban's effective shelf
registration statement on Form S-3.
About Suburban Propane Partners,
L.P.
Suburban Propane Partners, L.P. is a publicly-traded
master limited partnership listed on the New York Stock Exchange.
Headquartered in Whippany, New
Jersey, Suburban has been in the customer service business
since 1928. Suburban serves the energy needs of approximately 1.1
million residential, commercial, industrial and agricultural
customers through 675 locations in 41 states.
Forward-Looking
Statements
This press release includes forward-looking statements.
All statements, other than statements of historical facts, included
in this press release that address activities, events or
developments that Suburban expects, believes or anticipates will or
may occur in the future are forward-looking statements, including
statements regarding closing of the offering and the use of
proceeds of the offering. These statements reflect Suburban's
expectations or forecasts based on assumptions made by the
partnership. These statements are subject to risks including those
relating to market conditions, financial performance and results,
prices and demand for natural gas and oil and other important
factors that could cause actual results to differ materially from
our forward looking statements. These risks are further described
in Suburban's reports filed with the Securities and Exchange
Commission.
Any forward-looking statement speaks only as of the date
on which such statement is made and Suburban undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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SOURCE Suburban Propane Partners, L.P.