Sunoco readies launch of roughly $2 billion term loan A for Friday

By Sara Rosenberg

New York, Dec. 3 – Sunoco LP is scheduled to hold a lender call at noon ET on Friday to launch a $2,035,000,000 term loan A (BB) due Oct. 1, 2019, according to a market source.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, BBVA Compass and TD Bank are the leads on the deal.

The term loan A is talked at Libor plus 250 basis points with leverage based step-downs and no Libor floor, the source said.

Covenants include a maximum leverage ratio.

Commitments are due on Dec. 18, the source added.

Proceeds will be used to help fund the acquisition of Energy Transfer Partners LP’s remaining wholesale fuel and retail assets.

Sunoco is a Houston-based limited partnership engaged in fee-based wholesale distribution of motor fuels, the retail sale of motor fuels and the operation of convenience stores.

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