By Andrea Heisinger
New York, Feb. 3 - Sunoco Logistics Partners Operations LP priced $175 million of 8.75% five-year senior notes Tuesday at 99.995 to yield 8.75%, according to an informed source and an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/) have a spread of 690.1 bps and priced at the coupon, the source said. They have a make-whole call of Treasuries plus 50 bps.
Bookrunners were Citigroup Global Markets Inc. and UBS Investment Bank.
Co-managers were Mitsubishi UFJ Securities, Barclays Capital Inc., Greenwich Capital, Credit Suisse Securities, Deutsche Bank Securities, KeyBanc Capital Markets, SunTrust Robinson Humphrey and Wachovia Capital Markets.
Proceeds will be used to pay a portion of the outstanding $400 million revolving credit facility incurred to finance the purchase price for MagTex products pipeline system and other assets acquired for ExxonMobil.
The notes are guaranteed by Sunoco Logistics Partners LP.
The operating subsidiary of oil refining company Sunoco Inc. is based in Philadelphia.
| Issuer: | Sunoco Logistics Partners Operations LP
|
| Issue: | Senior notes
|
| Amount: | $175 million
|
| Maturity: | Feb. 15, 2014
|
| Bookrunners: | Citigroup Global Markets Inc., UBS Investment Bank
|
| Co-managers: | Mitsubishi UFJ Securities, Barclays Capital Inc., Greenwich Capital, Credit Suisse Securities, Deutsche Bank Securities, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Wachovia Capital Markets
|
| Coupon: | 8.75%
|
| Price: | 99.995
|
| Yield: | 8.75%
|
| Spread: | Treasuries plus 690.1 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 6
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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