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Sunoco to retire term loan, repay revolving loans and redeem notes via new issue, asset sale
By Susanna Moon
Chicago, Jan. 8 – Sunoco LP said it plans to repay and terminate its senior secured term loan, repay some loans under its $1.5 billion revolving credit facility as well as call three series of notes at a premium using proceeds of new notes and an asset sale.
Sunoco and wholly owned direct subsidiary Sunoco Finance Corp. plan to price a $1.75 billion private offering of senior notes due 2023, senior notes due 2026 and senior notes due 2028, according to a company announcement.
Specifically, the company will use the new issue proceeds, along with the amount it receives from the sale of some company-operated retail fuel outlets to 7-Eleven, Inc., to redeem its 5.5% senior notes due 2020, 6.25% senior notes due 2021 and 6.375% senior notes due 2023.
The 5.5% notes will be called at a premium of 102.75% and the other two series at a make-whole premium plus accrued interest.
The issuer also will redeem all of its outstanding series A preferred units and fund the repurchase of some of its outstanding common units.
As announced Oct. 18, the companies scrapped the consent solicitation for the $800 million 6.25% senior notes due 2021 and $800 million 6.375% senior notes due 2023 in order to issue the make-whole redemptions instead, which would satisfy one of the closing conditions under the 7-Eleven purchase agreement.
Based in Dallas, Sunoco LP 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 in 30 states.
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