DALLAS, Dec.21, 2016
/PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership")
announced today it has amended certain key items of its
$1.5 billion Revolving Credit
Facility and $2.0 billion Term Loan
Agreement to provide temporary covenant relief and financial
flexibility over the upcoming quarters.
Key terms to the Amendment include:
- SUN's Maximum Leverage Ratio will be increased to 6.75x
beginning in the fourth quarter 2016 through 12/31/2017 with the following step-downs
thereafter
- 6.50x at 3/31/2018,
- 6.25x at 6/30/2018,
- 6.00x at 9/30/2018,
- 5.75x at 12/31/2018,
- 5.50x at 3/31/2019 and
thereafter
- SUN's Maximum Senior Secured Leverage Ratio will be set at
3.75x beginning with the fourth quarter 2016 through 12/31/2017,
decreasing to 3.50x at 3/31/18 and
falling away upon full repayment of Term Loan A
- SUN's Minimum Interest Coverage Ratio will be set at 2.25x,
falling away when the Maximum Leverage Ratio covenant level returns
to 5.50x
SUN will file a Form 8-K with the United States Securities and
Exchange Commission relating to the amendment, which will include a
copy of the amendment and further information regarding its
terms.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that
operates approximately 1,345 retail fuel sites and convenience
stores (including APlus, Stripes, Aloha Island Mart and Tigermarket
brands) and distributes motor fuel to convenience stores,
independent dealers, commercial customers and distributors located
in more than 30 states at approximately 6,900 sites. Our parent --
Energy Transfer Equity, L.P. (NYSE: ETE) -- owns Sunoco's general
partner and incentive distribution rights. For more information,
visit the Sunoco LP website at www.SunocoLP.com
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management's control. An extensive list of factors that can affect
future results are discussed in the Partnership's Annual Report on
Form 10-K and other documents filed from time to time with the
Securities and Exchange Commission. The Partnership undertakes no
obligation to update or revise any forward-looking statement to
reflect new information or events.
The information contained in this press release is available on
our website at www.SunocoLP.com
Contacts
Investors:
Scott Grischow, Senior Director –
Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Patrick Graham, Senior Analyst –
Investor Relations and Finance
(214) 840-5678, patrick.graham@sunoco.com
Media:
Alyson Gomez, Director -
Communications
(469) 646-1758, alyson.gomez@sunoco.com
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SOURCE Sunoco LP