DALLAS, Nov. 9, 2020 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("Sunoco") today announced that it has removed the
tender cap of $500.0 million for its
previously announced cash tender offer (the "tender offer") of its
outstanding 4.875% Senior Notes due 2023 (CUSIP Nos. 86765LAH0,
U86759AE4 and 86765LAJ6) (the "2023 notes") and will instead offer
to purchase any and all of its outstanding 2023 notes. The tender
offer is being made pursuant to Sunoco's Offer to Purchase dated
November 9, 2020 (the "Offer to
Purchase"). Sunoco intends to fund the tender offer with the net
proceeds from its previously announced senior notes offering, which
was upsized from $500 million to
$800 million, and borrowings under
its revolving credit facility. The maximum amount of the 2023 notes
subject to the redemption described in the Offer to Purchase, if it
occurs, will correspondingly increase.
Except as described in this press release, all other terms of
the tender offer as described in the Offer to Purchase remain
unchanged, including the Early Tender Deadline, Early Tender
Payment, Tender Offer Consideration, Total Consideration,
Withdrawal Time and Expiration Date. Capitalized terms used in this
press release and not defined herein have the meanings given to
them in the Offer to Purchase.
Credit Suisse Securities (USA)
LLC and Barclays Capital Inc. are acting as lead dealer managers
for the tender offer. The tender agent and information agent for
the tender offer is D.F. King & Co., Inc. Questions regarding
the tender offer may be directed to Credit Suisse Securities
(USA) LLC at (800) 820-1653
(Toll-free) or (212) 538-2417 or Barclays Capital Inc. at (800)
438-3242 (Toll-free) or (212) 528-7581. Holders who would like
additional copies of the offer documents may call the information
agent, D.F. King & Co., Inc. at (866) 796-6867 (Toll-Free) or
(212) 269-5550, by email at sunoco@dfking.com.
This press release is for informational purposes only and does
not constitute a notice of redemption under the optional redemption
provisions of the indenture governing the 2023 notes, nor does it
constitute an offer to sell, or a solicitation of an offer to buy
any security, including the debt securities offered in the debt
financing (the "new notes"), nor does it constitute a solicitation
for an offer to purchase any security, including the new notes or
the 2023 notes. The tender offer is being made solely by means of
the Offer to Purchase, which sets forth the complete terms and
conditions of the tender offer. The tender offer is not being made
to holders of 2023 notes in any jurisdiction in which the making or
acceptance thereof would not be in compliance with the securities,
blue sky or other laws of such jurisdiction.
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