WHIPPANY, N.J., March 18 /PRNewswire-FirstCall/ -- Suburban Propane
Partners, L.P. (NYSE: SPH) (the "Partnership"), a marketer of propane gas,
fuel oil and related products and services nationwide, today announced that it
priced its previously-announced offering of $250 million of 6.875% senior
notes due 2013 to eligible purchasers in a Rule 144A private placement (the
"Senior Notes") and entered into an amendment (the "Amendment") to its
existing bank credit facility to provide, among other things, for the
availability of an additional five-year $125 million term loan facility.
Concurrently with the pricing of the Senior Notes and signing of the
Amendment, the Partnership delivered an irrevocable notice of optional
prepayment to the holders of the $340 million outstanding aggregate principal
amount of 7.54% senior notes due 2011 and 7.37% senior notes due 2012 of the
Partnership's direct subsidiary, Suburban Propane, L.P. Closing of the Senior
Notes offering and availability of the term loan facility are subject to
customary closing conditions and, together with the optional prepayment, is
scheduled to occur on March 31, 2005.
The Senior Notes to be offered in this offering have not been registered
under the Securities Act of 1933 or applicable state securities laws, and may
not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the Securities Act
and applicable state laws. This press release shall not constitute an offer to
sell or a solicitation of an offer to buy the notes nor shall there be any
sale of notes in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
Suburban Propane Partners, L.P. is a publicly traded Master Limited
Partnership listed on the New York Stock Exchange. Headquartered in Whippany,
New Jersey, Suburban has been continuously engaged in the retail propane
business since 1928. The Partnership serves the energy needs of approximately
1,000,000 residential, commercial, industrial and agricultural customers
through more than 370 customer service centers in 30 states.
SOURCE Suburban Propane Partners, L.P.
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Related links:
http://suburbanpropane.com
Company News On-Call:
http://www.prnewswire.com/comp/112074.html
CONTACT:
Robert M. Plante, Vice President & Chief
Financial Officer of Suburban Propane Partners, L.P.,
+1-973-503-9252
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