WHIPPANY, N.J., Feb. 7, 2017 /PRNewswire/ -- Suburban
Propane Partners, L.P. (NYSE: SPH) ("Suburban Propane"), 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 Suburban Energy Finance Corp. and Suburban
Propane (collectively "Suburban"), have commenced a cash tender
offer (the "Offer") for any and all of the $346,180,000 aggregate principal amount of their
7 3/8 % Senior Notes due 2021 with CUSIP number 864486AG0 (the
"Notes").
The Offer will expire at 5:00
P.M., New York City time,
on February 13, 2017, unless extended
(such date and time, as the same may be extended, the "Expiration
Time"). Holders who validly tender (and do not validly
withdraw) their Notes on or prior to the Expiration Time will
receive $1,041.45 for each
$1,000 principal amount of Notes
accepted for purchase. Accrued and unpaid interest, up to, but not
including, the payment date, which is expected to be February 14, 2017, will be paid in cash on
all validly tendered Notes accepted by Suburban for purchase in the
Offer. Notes validly tendered may not be withdrawn on or following
the Expiration Time except as may be required by law.
The complete terms and conditions of the Offer are set forth in
the Offer to Purchase, including the related Notice of Guaranteed
Delivery, dated February 7, 2017 (the
"Offer to Purchase") and in the related Letter of Transmittal,
along with any amendments and supplements thereto, which holders
are urged to read carefully before making any decision with respect
to the Offer. The closing of the Offer will be subject to a number
of conditions that are set forth in the Offer to Purchase,
including the successful completion by Suburban of a new senior
debt offering. Suburban may amend, extend or, subject to certain
conditions, terminate the Offer.
Suburban has retained Wells Fargo Securities, LLC to act as
Dealer Manager in connection with the Offer. Copies of the Offer to
Purchase and the related Letter of Transmittal may be obtained from
Global Bondholder Services Corporation, the Tender and Information
Agent for the Offer, online at
http://www.gbsc-usa.com/suburbanpropane/ or by phone at (212)
430-3774 (banks and brokers) or (866) 794-2200 (all others).
Questions regarding the Offer may be directed to the Tender and
Information Agent at this phone number. Questions regarding the
Offer may also be directed to the Dealer Manager at (866) 309-6316
(toll-free) and (704) 410-4760 (collect).
This announcement is not an offer to purchase or a solicitation
of an offer to sell any securities. The Offer is being made solely
by means of the Offer to Purchase and the related Letter of
Transmittal
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.
About Suburban Energy Finance Corp.
Suburban Energy Finance Corp. is a Delaware corporation and a wholly-owned
subsidiary of Suburban Propane formed for the sole purpose of
acting as the co-issuer of the Notes and as co-obligor for other
debt securities Suburban Propane has previously issued and may
issue in the future. It has nominal assets and does not and will
not conduct any operations or have any employees.
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 actions taken by the
holders of the Notes or by Suburban with respect to the offer and
whether the conditions to the offer will be satisfied. 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.