This Day On The Street
Continue to site
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

Suburban Propane Partners, L.P. Extends Expiration Date Of Exchange Offers In Connection With Its Planned Acquisition Of Inergy, L.P.'s Retail Propane Operations

WHIPPANY, N.J., July 27, 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 expiration date (the " Expiration Date"), in connection with their previously announced offers to exchange (the " Exchange Offers") and related consent solicitations (the " Consent Solicitations") in connection with certain outstanding notes of Inergy, L.P. (" Inergy").

Pursuant to the Exchange Offers, Suburban is offering to exchange any and all of the outstanding 7% Senior Notes due 2018 (the " 2018 Inergy Notes") and 6 ⅞% Senior Notes due 2021 (the " 2021 Inergy Notes", and together with the 2018 Inergy Notes, the " Inergy Notes") issued by Inergy and Inergy Finance Corp., which have an aggregate principal amount outstanding of $1.2 billion, for a combination of up to $1.0 billion in aggregate principal amount of new unsecured 7 ½% Senior Notes due 2018 and 7 ⅜% Senior Notes due 2021 (collectively, the " SPH Notes"), respectively, issued by Suburban and up to $200.0 million in cash.

Suburban is making the Exchange Offers and Consent Solicitations in connection with, and conditioned upon, among other things, its consummation of the acquisition of Inergy's retail propane operations.

In order for completion of the Exchange Offers to coincide with the expected completion of the Partnership's acquisition of Inergy's retail propane operations, the Expiration Date for the Exchange Offers has been extended to 12:01 AM, New York City time, on August 1, 2012, unless extended or terminated. All other terms of the Exchange Offers remain unchanged. As of July 26, 2012 at 5:00 PM, New York City time, Suburban had received tenders from holders representing approximately 98.09% of the total outstanding principal amount of the 2018 Inergy Notes, and tenders from holders representing approximately 99.73% of the total outstanding principal amount of the 2021 Inergy Notes. The minimum tender condition has been satisfied with respect to the Exchange Offers and requisite consents have been received for both series of Inergy Notes.

The SPH Notes have not been registered under the Securities Act of 1933, as amended, or any state or foreign securities laws. The SPH Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act or any applicable state securities laws.

This press release does not constitute an offer to purchase or exchange any securities or a solicitation of any offer to sell or exchange any securities.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FB $117.80 -0.22%
GOOG $701.26 0.80%
TSLA $211.34 -5.00%
YHOO $36.94 2.60%
AAPL $93.21 -0.44%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.60 -0.52 -0.03%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs