Aug. 20, 2012
/PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE: SPH) ("Suburban"), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, announced today that its underwritten public offering of 6,300,000 common units representing limited partner interests in Suburban was closed on
August 14, 2012
(the "Initial Closing Date"). The offering was priced at
per common unit. Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and
acted as joint book-running managers of the offering. Stifel Nicolaus Weisel acted as co-manager of the offering.
On the Initial Closing Date, Suburban received approximately $226.5 million of net proceeds from the offering (after considering underwriter commissions and other estimated offering expenses). Also on the Initial Closing Date, Suburban used the net proceeds from the offering to repay its borrowing of
August 1, 2012
under its 364-day incremental term loan facility (the "364-Day Facility") provided under the First Amendment to its Amended and Restated Credit Agreement (the "Credit Agreement"), dated
August 1, 2012
, incurred in connection with its acquisition of Inergy, L.P.'s ("Inergy") retail propane operations on that date. The Credit Agreement provides for the reinstatement and increase from
of the existing uncommitted incremental term facility under the Credit Agreement upon repayment of the 364-Day Facility.
August 15, 2012
, the underwriters gave notice of the exercise of their over-allotment option to purchase from Suburban an additional 945,000 common units representing limited partner interests in Suburban at a price of
per common unit. Suburban will receive approximately
of net proceeds from the underwriters' exercise of the over-allotment option (after considering underwriter commissions and other estimated offering expenses) upon the delivery of the additional common units, which is expected to occur on
August 20, 2012
, subject to customary closing conditions.
The remaining net proceeds from the offering, including the proceeds from the underwriters' purchase of 945,000 additional common units pursuant to the over-allotment option in connection with the offering, will be used for working capital and general partnership purposes.