Suburban Propane Partners, L.P. (SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, announced that it has commenced an underwritten public offering to sell 6,300,000 common units representing limited partner interests in Suburban. Suburban also intends to grant the underwriters a 30-day option to purchase up to 945,000 additional common units.
Suburban intends to use the net proceeds from this offering and from the underwriters' exercise of their option to purchase additional common units, if any, to repay its borrowing of $225 million on August 1, 2012 under its 364-day incremental term loan facility provided under the First Amendment to its Amended and Restated Credit Agreement, dated August 1, 2012, incurred in connection with its acquisition of Inergy, L.P.'s retail propane operations on that date, and for working capital and general partnership purposes.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and Raymond James are acting as joint book-running managers of the offering.
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