PHILADELPHIA, May 16 /PRNewswire-FirstCall/ -- Sunoco Logistics Partners
L.P. (NYSE: SXL) announced that it plans to offer 2.5 million common units
pursuant to an effective shelf registration statement on Form S-3 previously
filed with the Securities and Exchange Commission. The underwriters have been
granted an option to purchase up to 375,000 additional common units to cover
over-allotments, if any. The Partnership intends to use all of the net
proceeds from this offering, including any units issued under the over-
allotment options, to redeem an equal number of common units owned by Sunoco
Partners LLC, our general partner and a wholly-owned subsidiary of Sunoco,
Inc.
(Logo: http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 )
Lehman Brothers Inc. will act as sole book-running manager of the
offering. In addition, Citigroup Global Markets Inc., Goldman, Sachs & Co.,
KeyBanc Capital Markets, RBC Capital Markets Corporation and Stifel, Nicolaus
& Company, Incorporated will serve as co-managers of the offering.
The preliminary prospectus and the final prospectus, when available,
related to this offering may be obtained from Lehman Brothers Inc. c/o ADP
Financial Services, Integrated Distribution Services, 1155 Long Island Avenue,
Edgewood, NY 11714, (631) 254-7106.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be any
sale of these securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement.
Sunoco, Inc. (NYSE: SUN), headquartered in Philadelphia, PA, is a leading
manufacturer and marketer of petroleum and petrochemical products. With
900,000 barrels per day of refining capacity, approximately 4,800 retail sites
selling gasoline and convenience items, over 4,300 miles of crude oil and
refined product owned and operated pipelines and 38 product terminals, Sunoco
is one of the largest independent refiner-marketers in the United States.
Sunoco is a significant manufacturer of petrochemicals with annual sales of
approximately five billion pounds, largely chemical intermediates used to make
fibers, plastics, film and resins. Utilizing a unique, patented technology,
Sunoco also has the capacity to manufacture over 2.5 million tons annually of
high-quality metallurgical-grade coke for use in the steel industry. For
additional information visit Sunoco's Web site at http://www.SunocoInc.com.
Sunoco Logistics Partners L.P. (NYSE: SXL), headquartered in Philadelphia,
was formed to acquire, own and operate substantially all of Sunoco, Inc.'s
refined product and crude oil pipelines and terminal facilities. The Eastern
Pipeline System consists of approximately 1,900 miles of primarily refined
product pipelines and interests in four refined products pipelines, consisting
of a 9.4 percent interest in Explorer Pipeline Company, a 31.5 percent
interest in Wolverine Pipe Line Company, a 12.3 percent interest in West Shore
Pipe Line Company and a 14.0 percent interest in Yellowstone Pipe Line
Company. The Terminal Facilities consist of 8.9 million barrels of refined
product terminal capacity and 16.0 million barrels of crude oil terminal
capacity (including 12.5 million barrels of capacity at the Texas Gulf Coast
Nederland Terminal). The Western Pipeline System consists of approximately
2,450 miles of crude oil pipelines, located principally in Oklahoma and Texas
and a 43.8 percent interest in the West Texas Gulf Pipe Line Company. For
additional information visit Sunoco Logistics' web site at
http://www.sunocologistics.com.
NOTE: Those statements made in this release that are not historical facts
are forward-looking statements. Although Sunoco Logistics Partners L.P. (the
"Partnership") believes that the assumptions underlying these statements are
reasonable, investors are cautioned that such forward-looking statements are
inherently uncertain and necessarily involve risks that may affect the
Partnership's business prospects and performance causing actual results to
differ from those discussed in the foregoing release. Such risks and
uncertainties include, by way of example and not of limitation: whether or not
the transactions described in the foregoing news release will be consummated
or cash flow accretive; increased competition; changes in demand for crude oil
and refined products that we store and distribute; changes in operating
conditions and costs; changes in the level of environmental remediation
spending; potential equipment malfunction; potential labor issues; the
legislative or regulatory environment; plant construction/repair delays;
nonperformance by major customers or suppliers; and political and economic
conditions, including the impact of potential terrorist acts and international
hostilities. These and other applicable risks and uncertainties have been
described more fully in the Partnership's March 31, 2005 Form 10-Q filed with
the Securities and Exchange Commission on May 9, 2005. The Partnership
undertakes no obligation to update any forward-looking statements in this
release, whether as a result of new information or future events.
SOURCE Sunoco, Inc.; Sunoco Logistics Partners L.P.
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Related links:
http://www.SunocoInc.com
http://www.sunocologistics.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19981105/PHTH006 PRN Photo
Desk; photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/829144.html
CONTACT:
Jerry Davis (media), Sunoco, Inc.,
+1-215-977-6298, or Colin Oerton, (investors), Sunoco Logistics
Partners L.P., +1-866-248-4344
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