DALLAS, Nov. 9, 2020 /PRNewswire/ -- Sunoco LP (NYSE:
SUN) ("Sunoco") today announced that it has priced at 100% an
upsized private offering (the "offering") of $800 million in aggregate principal amount of
4.500% senior notes due 2029 (the "notes"). Sunoco Finance Corp., a
wholly owned direct subsidiary of Sunoco, will serve as co-issuer
of the notes. The sale of the notes is expected to settle on
November 24, 2020, subject to the
satisfaction of customary closing conditions.
Sunoco intends to use the net proceeds from the offering and
borrowings under its revolving credit facility to fund the
separately announced tender offer for any and all of its
outstanding 4.875% senior notes due 2023 (the "2023 notes") and, if
applicable, a partial redemption of the 2023 notes.
The offering of the notes has not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any
state securities laws and, unless so registered, the notes may not
be offered or sold in the United
States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. Sunoco plans
to offer and sell the notes only to persons reasonably believed to
be qualified institutional buyers pursuant to Rule 144A under the
Securities Act and to non-U.S. persons in transactions outside
the United States pursuant to
Regulation S under the Securities Act.
This news release is neither an offer to sell nor a solicitation
of an offer to buy the notes or any other securities and shall not
constitute an offer to sell or a solicitation of an offer to buy,
or a sale of, the notes or any other securities in any jurisdiction
in which such offer, solicitation or sale is unlawful, nor does it
constitute a notice of redemption under the optional redemption
provisions of the indenture governing the 2023 notes.
About Sunoco LP
Sunoco LP is a master limited
partnership with core operations that include the distribution of
motor fuel to approximately 10,000 convenience stores, independent
dealers, commercial customers and distributors located in more than
30 states as well as refined product transportation and
terminalling assets. SUN's general partner is owned by Energy
Transfer Operating, L.P., a wholly owned subsidiary of Energy
Transfer LP (NYSE: ET).
Forward-Looking Statements
This news release may
include certain statements concerning expectations for the future
that are forward-looking statements as defined by federal law,
including without limitation statements regarding the tender offer
and the concurrent debt financing. 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 Sunoco's Annual Report
on Form 10-K and other documents filed from time to time with the
Securities and Exchange Commission. In addition to the risks and
uncertainties previously disclosed, Sunoco has also been, or may in
the future be, impacted by new or heightened risks related to the
COVID-19 pandemic and the recent decline in commodity prices, and
cannot predict the length and ultimate impact of those risks.
Sunoco 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, Vice President –
Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA, Manager –
Investor Relations, Strategy and Growth
(214) 840-5553, derek.rabe@sunoco.com
Media:
Alexis Daniel,
Manager – Communications
(214) 981-0739, alexis.daniel@sunoco.com
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SOURCE Sunoco LP