This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Suburban Propane Partners, L.P. Extends Consent Date And Expiration Date And Increases Cash Consent Payment In Exchange Offers And Consent Solicitations In Connection With Planned Acquisition Of Inergy, L.P.'s Retail Propane Operations

Stocks in this article: SPH









WHIPPANY, N.J., May 24, 2012 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE: SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity (the "Partnership"), today announced that it and Suburban Energy Finance Corp. (collectively, " Suburban") have extended the consent date (the " Consent Date") and the expiration date (the " Expiration Date") and increased the cash consent payment for their previously announced offers to exchange (the " Exchange Offers") and related consent solicitations (the " Consent Solicitations"). In the Exchange Offers, Suburban is offering to exchange any and all of the outstanding 7% Senior Notes due 2018 and 6-7/8% Senior Notes due 2021 issued by Inergy, L.P. and Inergy Finance Corp. (collectively, the " Inergy Notes"), which have an aggregate principal amount outstanding of $1.2 billion, for a combination of $1.0 billion in aggregate principal amount of new unsecured 7% Senior Notes due 2018 and 6-7/8% Senior Notes due 2021 (collectively, the " SPH Notes"), respectively, issued by Suburban and $200.0 million in cash. As of 5:00 p.m., New York City time, on May 23, 2012, approximately 32% of the outstanding aggregate principal amount of Inergy Notes had been tendered.

The Consent Date has been extended to 5:00 p.m., New York City time, on May 31, 2012. The Expiration Date has been extended to 11:59 p.m., New York City time, on June 14, 2012, unless extended or terminated. Withdrawal rights with respect to the Exchange Offers and revocation rights with respect to the Consent Solicitations expired as scheduled at 5:00 p.m., New York City time, on May 16, 2012.

In addition, Suburban announced that it is now offering to pay $30.0 million in aggregate in cash to holders of Inergy Notes, on a pro rata basis, who deliver a valid consent by the Consent Date (the " Cash Consent Payment"). Assuming that consents are validly delivered for all $1.2 billion of the Inergy Notes, the Cash Consent Payment will be $25 per $1,000 principal amount of Inergy Notes as to which a holder delivers a valid consent by the Consent Date. Assuming that consents are validly delivered for $1.0 billion of the Inergy Notes, the Cash Consent Payment will be $30 per $1,000 principal amount of Inergy Notes as to which a holder delivers a valid consent by the Consent Date. Suburban had previously been offering a cash consent payment of $3.75 per $1,000 principal amount of Inergy Notes as to which a holder delivers a valid consent by the Consent Date. Holders who have previously tendered Inergy Notes in the Exchange Offers, and delivered consents with respect thereto in the Consent Solicitations, will share pro rata in the increased Cash Consent Payment. Suburban continues to reserve the right to lower the minimum tender condition requiring the tender of at least $1.0 billion aggregate principal amount of Inergy Notes.



1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs