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Sunoco talks $500 million 8.5-year senior notes to yield 4½%-4¾%; pricing Monday
By Abigail W. Adams
Portland, Me., Nov. 9 – Sunoco LP talked its $500 million offering of 8.5-year senior notes to come with a yield of 4½% to 4¾%, according to a market source.
Initial guidance was for a yield in the high 4% to 5% area.
Books close at 2 p.m. ET on Monday with pricing thereafter.
Credit Suisse Securities (USA) LLC (lead left), Barclays, BBVA Securities Inc., BMO Capital Markets Corp., BofA Securities Inc., CIBC World Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., MUFG, TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are bookrunners for the Rule 144A and Regulation S offering.
The notes are non-callable for 3.5 years.
There is a poison put of 101 and an equity clawback for up to 35% of the notes within the first 3.5 years.
Proceeds, together with cash on hand, will be used to fund a tender offer for a portion of the outstanding 4 7/8% senior notes due 2023.
Sunoco is a Dallas-based motor fuel distributor.
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