Suburban Propane to repay unsecured debt via common unit offering

By Tali David

Minneapolis, May 13 - Suburban Propane Partners, LP plans to repay outstanding senior unsecured debt up to a principal amount of $135 million with the proceeds of a common unit offering, according to a press release.

Any remaining proceeds will be used for working capital and general partnership purposes.

Contingent upon and subsequent to the closing of this offering, Suburban said it expects to effect an optional redemption of a portion of its 7 3/8% senior notes due 2021 for up to $135 million in accordance with the indenture governing the senior notes.

Suburban Propane is a Whippany, N.J.-based retail marketer and distributor of propane, fuel oil and refined fuels.

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