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Suburban Propane Partners, L.P., a US-based distributor of propane, fuel oil, and refined fuels, as well as a marketer of natural gas and electricity, has priced its underwritten public offering of 2.2 million of its common units representing limited partner interests at a price of $41.50 per common unit to raise gross proceeds of approximately $91.3 million.
In addition, the underwriters have a 30 day overallotment option to purchase up to 0.33 million additional common units. The offering is expected to close on August 14, 2009.
Announcement (August 10, 2009):
Suburban Propane has commenced an underwritten public offering of 2.2 million common units representing limited partner interests.
Suburban Propane also intends to grant the underwriters a 30-day option to purchase up to 0.33 million additional common units to cover over-allotments, if any.
Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets, Inc., Goldman, Sachs & Co., J.P. Morgan Securities, Inc., and Raymond James & Associates, Inc. are acting as underwriters for the offering.
Based on the closing price of Suburban Propane common stock of $43.75 per share on August 7, 2009, the offering is estimated to be worth $96.25 million.
Deal Value (US$ Million) 91.3 Deal Type IPO Sub-Category Secondary Offering Deal Status Announced: 2009-08-10
Deal Participants
Target (Company) Suburban Propane Partners, L.P.
Deal Rationale
Suburban Propane intends to use the net proceeds from the offering to reduce outstanding indebtedness under its 6.875% senior notes due 2013.
Offer Price ($ per share) 41.5 No. Shares Issued 2200000
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