WHIPPANY, N.J., Oct. 2 /PRNewswire-FirstCall/ -- Suburban Propane
Partners, L.P. (the "Partnership") (NYSE: SPH), a nationwide marketer of
propane gas, fuel oil and related products and services, announced today
that its operating subsidiary, Suburban Propane, L.P. (the "Operating
Partnership"), has completed the previously announced sale of its Tirzah,
South Carolina underground granite propane storage cavern, and associated
62- mile pipeline, to Plains LPG Services, L.P. ("Plains") for
approximately $54.0 million in cash, after taking into account certain
adjustments. The 57.5 million gallon underground storage cavern is
connected to the Dixie Pipeline and provides propane storage for the
eastern United States. As part of the agreement, the Operating Partnership
entered into a long-term storage arrangement with Plains that will enable
the Operating Partnership to continue to meet the needs of its retail
operations, consistent with past practices.
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 in the customer service business
since 1928. The Partnership serves the energy needs of approximately
1,000,000 residential, commercial, industrial and agricultural customers
through more than 300 locations in 30 states.
SOURCE Suburban Propane Partners, L.P.
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Related links:
http://suburbanpropane.com/
http://www.prnewswire.com/comp/112074.html/
CONTACT:
Michael Stivala, Chief Financial Officer &
Chief Accounting Officer, Suburban Propane Partners, L.P.,
+1-973-503-9252
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