DALLAS, Nov. 24, 2020 /PRNewswire/ -- Sunoco LP (NYSE:
SUN) ("Sunoco") today announced the early tender results for its
previously announced cash tender offer (the "Offer") for any and
all of its outstanding 4.875% Senior Notes due 2023 (the "Notes").
The terms and conditions of the Offer are set forth in the Offer to
Purchase, dated November 9, 2020, as
amended to "upsize" the Offer and remove the tender cap (as the
same may be further amended or supplemented, the "Offer to
Purchase"). The Offer will expire at 11:59
p.m., New York City time,
on December 8, 2020, unless extended
or earlier terminated by Sunoco.
As of 5:00 p.m., New York City time, on November 23, 2020 (such time and date, the "Early
Tender Deadline"), according to information provided by D.F. King
& Co., Inc., the tender and information agent for the Offer,
the aggregate principal amount of the Notes set forth in the table
below under "Principal Amount Tendered at Early Tender Deadline"
had been validly tendered and not validly withdrawn in the Offer.
Withdrawal rights for the Notes expired at 5:00 p.m., New York City Time, on November 23, 2020.
Early Tender Payment
Tendered as of Early Tender Deadline
4.875% Senior Notes
86765LAH0 / U86759AE4
The Total Consideration (as defined in the Offer to Purchase)
for each $1,000 principal amount of
Notes tendered and not validly withdrawn at or prior to the Early
Tender Deadline and accepted for purchase pursuant to the Offer is
$1,017.50. The Total Consideration
includes the Early Tender Payment.
Only holders of Notes who validly tendered and did not validly
withdraw their Notes at or prior to the Early Tender Deadline are
eligible to receive the Total Consideration for the Notes accepted
for purchase. In addition, holders whose Notes are purchased in the
Offer will receive accrued and unpaid interest from the most recent
interest payment date for the Notes to, but not including, the
It is anticipated that the payment date for the Notes validly
tendered and accepted for purchase at or prior to the Early Tender
Deadline will be November 24, 2020,
subject to change without notice.
Sunoco's obligation to accept for purchase and to pay for the
Notes validly tendered and not validly withdrawn pursuant to the
Offer is subject to the satisfaction or waiver, in Sunoco's
discretion, of certain conditions, which are more fully described
in the Offer to Purchase. The complete terms and conditions of the
Offer are set forth in the Offer to Purchase. Holders of the Notes
are urged to read the Offer to Purchase carefully.
Credit Suisse Securities (USA)
LLC and Barclays Capital Inc. are acting as lead dealer managers
for the Offer. The tender agent and information agent for the Offer
is D.F. King & Co., Inc. Questions regarding the 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 firstname.lastname@example.org.
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 Offer is being made solely by means of the
Offer to Purchase, which sets forth the complete terms and
conditions of the Offer. The 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).
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 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
Scott Grischow, Vice President –
Investor Relations and Treasury
(214) 840-5660, email@example.com
Derek Rabe, CFA, Manager –
Investor Relations, Strategy and Growth
(214) 840-5553, firstname.lastname@example.org
Manager – Communications
(214) 981-0739, email@example.com
View original content to download
SOURCE Sunoco LP