WHIPPANY, N.J., Oct. 26, 2017 /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 a quarterly distribution of $0.60 per Common Unit for the three months ended
September 30, 2017. This quarterly
distribution rate equates to an annualized rate of $2.40 per Common Unit. The distribution is
payable on November 14, 2017 to
Common Unitholders of record as of November
7, 2017.
In announcing the quarterly distribution, President and Chief
Executive Officer, Michael A.
Stivala, said, "After undertaking a thorough assessment of
customer demand trends and expectations under varying weather
scenarios following two consecutive record warm winters, and as we
prepared our business for a new fiscal year, our Board of
Supervisors made the decision to reduce the distribution.
Operationally, we have continued to drive efficiencies and make
improvements in our business model and, as we enter fiscal 2018,
this action reflects our goal to focus on restoring our balance
sheet strength to best position the business for long-term
profitable growth."
Mr. Stivala continued, "Conservative balance sheet management
has always been a core philosophy of ours, one that has served us
well in managing through challenging environments, including
through this recent prolonged stretch of record warm weather.
The reduction in the annualized distribution will reduce our annual
cash requirements, and contribute to our efforts to reduce
leverage. More importantly, it will provide enhanced
financial flexibility to support our growth initiatives."
Nominees are hereby notified that there is a withholding
requirement of 39.6% for foreign partners from the $0.60 per unit cash distribution under Section
1446 of the Internal Revenue Code.
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 1.0 million residential, commercial, industrial and
agricultural customers through 668 locations in 41 states.
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SOURCE Suburban Propane Partners, L.P.