DALLAS, Oct. 18, 2017 /PRNewswire/ -- Sunoco LP
("Sunoco") and Sunoco Finance Corp. (collectively, the "Issuers")
today announced the termination of the previously announced consent
solicitations (the "Consent Solicitations") to amend the indentures
governing their $800 million
aggregate principal amount of 6.250% Senior Notes due 2021 (CUSIP
No. 86765LAF4) (the "2021 Notes") and their $800 million aggregate principal amount of 6.375%
Senior Notes due 2023 (CUSIP No. 86765LAG2) (the "2023 Notes" and,
together with the 2021 Notes, the "Notes").
The Consent Solicitations are being terminated in accordance
with the terms of the Consent Solicitation Statement dated
October 10, 2017 (the "Consent
Solicitation Statement"). As a result of the termination, no
consent fees will be paid or become payable to holders of the Notes
who have delivered consents. All consents previously
delivered and not revoked will be of no effect, and the indentures
governing the Notes will not be amended and will remain in their
present form.
The termination of the Consent Solicitations does not impact the
Issuers' notice of redemption with respect to all $600 million outstanding principal amount of
their 5.500% Senior Notes due 2020 (the "2020 Notes"), which
redemption is subject to the closing of the 7-Eleven transaction.
Sunoco will redeem the 2020 Notes at a price of 102.750% of the
principal amount thereof, plus accrued and unpaid interest, to the
redemption date.
Sunoco intends to redeem the 2021 Notes and the 2023 Notes at a
make-whole price prior to the closing of the 7-Eleven transaction
in order to satisfy one of the closing conditions under the
7-Eleven purchase agreement. Sunoco believes this will have
no impact on the timing of the transaction and no meaningful impact
on the expected net proceeds, and that it has access to near-term
financing options in the current market. Sunoco continues to
anticipate closing the 7-Eleven transaction within the fourth
quarter of 2017, subject to regulatory clearances.
This press release is neither an offer to purchase or sell
securities, nor a solicitation of an offer to purchase or sell
securities, including the Notes.
Questions about the termination of the Consent Solicitations may
be directed to Ipreo LLC, the Information and Tabulation Agent, at
(888) 593-9546 (toll free) or (212) 849-3880 (banks and
brokers).
About Sunoco
Sunoco LP (NYSE: SUN) is a master limited partnership that
operates 1,353 convenience stores and retail fuel sites and
distributes motor fuel to 7,937 convenience stores, independent
dealers, commercial customers and distributors located in 30
states. Our parent -- Energy Transfer Equity, L.P. (NYSE: ETE) --
owns SUN's general partner and incentive distribution rights.
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, including statements with respect to our
ability to consummate the 7-Eleven transaction, the redemption of
the Notes and the 2020 Notes and the timing of such transactions.
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. 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, Senior Director –
Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, Senior Analyst –
Investor Relations and Finance
(214) 840-5553, derek.rabe@sunoco.com
Media:
Alyson Gomez, Director –
Communications
(469) 646-1758, alyson.gomez@sunoco.com
Jeamy Molina, Senior Manager – PR
& Communications
(469) 646-1776, jeamy.molina@sunoco.com
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SOURCE Sunoco LP