WHIPPANY, N.J., March 18,
2024 /PRNewswire/ -- Suburban Propane
Partners, L.P. (NYSE:SPH) (the "Partnership"), a nationwide
distributor of propane, renewable propane, renewable natural gas,
fuel oil and related products and services, as well as a marketer
of natural gas and electricity and investor in low carbon fuel
alternatives, today announced the refinancing of the $500 million senior secured credit facility (the
"Revolving Credit Facility") of its operating partnership, Suburban
Propane, L.P. The new five-year Revolving Credit Facility amends
and restates the previous revolving credit facility dated
March 5, 2020 to, among other things,
extend the maturity date from March 5,
2025 to the earlier of (A) the date that is ninety-one (91)
days prior to maturity of the 5.875% senior notes, due March 1, 2027, of Suburban Propane Partners, L.P.
and Suburban Energy Finance Corporation (unless the notes have been
refinanced prior to such date) or (B) March
15, 2029. As with the current Revolving Credit Facility,
Suburban Propane, L.P. retains the ability to increase the facility
size to $850 million.
In announcing the refinancing, Chief Financial Officer
Michael Kuglin said, "We are very
pleased with the outcome of this opportunistic refinancing, which
we have completed in advance of the expiration of our previous
credit facility. This new facility further extends our debt
maturities, maintains the interest rate pricing grid and financial
ratio covenants, and provides enhanced financial flexibility in
support of our long-term strategic growth initiatives. We are very
appreciative of the support provided by our bank group."
The bank syndication supporting the new facility is comprised of
a diverse group of eight banks led by Bank of America, N.A. as
Joint Lead Arranger and Joint Book Runner, Wells Fargo Bank,
National Association, JP Morgan Chase Bank, N.A., Citizens Bank,
National Association, Capital One, National Association, and
M&T Bank as Joint Lead Arrangers, Joint Book Runners and
Co-Syndication Agents, and HSBC Bank USA, N.A and CoBank, ACB as Co-Documentation
Agents. Bank of America, N.A. is serving as Administrative
Agent.
About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. is a publicly traded master
limited partnership listed on the New York Stock Exchange.
Headquartered in Whippany, New
Jersey, the Partnership has been in the customer service
business since 1928 and is a nationwide distributor of propane,
renewable propane, renewable natural gas ("RNG"), fuel oil and
related products and services, as well as a marketer of natural gas
and electricity and producer of and investor in low carbon fuel
alternatives, servicing the energy needs of approximately 1 million
residential, commercial, governmental, industrial and agricultural
customers through approximately 700 locations across 42 states. The
Partnership is supported by three core pillars: (1) Suburban
Commitment – showcasing the Partnership's 95-year legacy,
and ongoing commitment to the highest standards for dependability,
flexibility, and reliability that underscores the Partnership's
commitment to excellence in customer service; (2)
SuburbanCares – highlighting continued dedication to
giving back to local communities across the Partnership's national
footprint; and (3) Go Green
with Suburban Propane – promoting the clean burning and
versatile nature of propane and renewable propane as a bridge to a
green energy future and investing in the next generation of
innovative, renewable energy alternatives. For additional
information on the Partnership, please visit
www.suburbanpropane.com.
Forward Looking Statements
This press release contains certain forward-looking statements
relating to future business expectations and financial condition
and results of operations of the Partnership, based on management's
current good faith expectations and beliefs concerning future
developments. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those discussed or implied in such
forward-looking statements. Some of these risks and
uncertainties are discussed in more detail in the Partnership's
Annual Report on Form 10-K for its fiscal year ended September 30, 2023 and other periodic reports
filed with the SEC. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management's
view only as of the date made. The Partnership undertakes no
obligation to update any forward-looking statement, except as
otherwise required by law.
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SOURCE Suburban Propane Partners, L.P.