Units sold at $31.00 to private investors and Energy Transfer Partners
By Devika Patel
Knoxville, Tenn., Nov. 16 – Sunoco LP said it will raise $750 million in a private placement of common units with a group of private investors and Energy Transfer Partners, LP, which will invest $64.5 million.
The company will sell the common units at $31.00 per unit. The price per unit is a 6.43% discount to the Nov. 15 closing share price of $33.13.
Settlement is expected in early December.
Proceeds will be used to repay debt under the company’s revolving credit facility and for general partnership purposes.
Sunoco distributes motor fuel and operates convenience stores and retail fuel sites.
| Issuer: | Sunoco LP
|
| Issue: | Common units
|
| Amount: | $750 million
|
| Price: | $31.00
|
| Warrants: | No
|
| Investors: | Energy Transfer Partners, LP (for $64.5 million)
|
| Pricing date: | Nov. 16
|
| Stock symbol: | NYSE: SUN
|
| Stock price: | $33.13 at close Nov. 15
|
| Market capitalization: | $2.64 billion
|
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