Deal Details

Initial Public Offering

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Summary

About

Susser Petroleum Partners LP (NYSE: SUSP) (the “Partnership”) recently completed an initial public offering of 10,925,000 common units at a price of $20.50 per unit, generating gross proceeds of approximately $224.0 million. The Partnership will distribute a portion of the proceeds to its sponsor, Susser Holdings Corporation (“SHC”), as reimbursement for certain capital expenditures incurred with respect to the assets contributed to the Partnership. Additionally, the Partnership will purchase U.S. Treasury or other investment grade securities, which will be assigned as collateral to secure a new term loan that will be fully guaranteed by SHC. All of the proceeds of the new loan will be used to make a distribution to SHC to finance the acquisition of assets transferred by SHC to SUSP in connection with this offering.

SUSP is a growth-oriented limited partnership, formed by SHC, to engage in the primarily fee-based wholesale distribution of motor fuels to SHC and third parties. SHC operates over 540 retail convenience stores under its proprietary Stripes convenience store brand, primarily in growing Texas markets. Stripes is the largest independent chain of convenience stores in Texas based on store count and retail motor fuel volumes sold.

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