WHIPPANY, N.J., April 23, 2015 /PRNewswire/ -- Suburban
Propane Partners, L.P. (NYSE: SPH), a nationwide distributor of
propane, fuel oil and related products and services, as well as a
marketer of natural gas and electricity, today announced that its
Board of Supervisors declared the 30th increase (since
the Partnership's recapitalization in 1999) in the Partnership's
quarterly distribution from $0.8750
to $0.8875 per Common Unit for the
three months ended March 28, 2015.
This increased quarterly distribution rate equates to an annualized
rate of $3.55 per Common Unit. The
distribution at this increased rate is payable on May 12, 2015 to Common Unitholders of record as
of May 5, 2015.
In announcing the increase in the quarterly distribution rate,
President and Chief Executive Officer, Michael A. Stivala, said, "We are pleased to
announce this increase in our annualized distribution rate to
$3.55 per Common Unit. This
represents an increase of $0.05 per
Common Unit from the previous annualized rate, representing a
growth rate of 1.4%. Since the closing of the Inergy Propane
acquisition on August 1, 2012, we
have focused on the execution of our detailed integration plans, we
are on track to achieve the targeted synergies from the combined
business and we continue to strengthen our balance sheet metrics in
line with our goals. This increase reflects our confidence in
the combined platform and the strength of our balance sheet.
We remain firmly committed to delivering sustainable, profitable
growth to our valued unitholders."
Nominees are hereby notified that there is a withholding
requirement of 39.6% for foreign partners from the $0.8875 per unit cash distribution under Section
1446 of the Internal Revenue Code.
As previously announced, the Partnership's Tri-Annual Meeting of
Unitholders is scheduled to be held at 9:00
a.m., Wednesday, May 13, 2015
at the Partnership's headquarters in Whippany, New Jersey. All Unitholders as of
the close of business on the record date of March 16, 2015 are eligible to vote at the
Tri-Annual Meeting. At the Tri-Annual Meeting, Unitholders will be
asked to elect the Partnership's Supervisors for three-year terms,
to ratify the appointment of the Partnership's independent
registered public accounting firm for its 2015 fiscal year, to
approve an amendment to the Partnership's 2009 Restricted Unit Plan
and to have a Say-on-Pay. More information about the
Tri-Annual Meeting, including how to obtain proxy materials and how
to vote, can be found at
http://investor.suburbanpropane.com/phoenix.zhtml?c=75495&p=proxy.
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. The Partnership serves the energy needs of
approximately 1.2 million residential, commercial, industrial and
agricultural customers through more than 710 locations in 41
states.
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SOURCE Suburban Propane Partners, L.P.