Susser Opens New Stripes Stores

Management to ring opening bell at the NYSE Today to celebrate Susser Holdings’ move to the big board.

Susser Petroleum acquired four newly constructed Stripes convenience stores from Susser Holdings Corp. yesterday, in addition to four stores previously acquired during the month of November. 

The total cost to Susser Petroleum to acquire these eight stores was $29 million, funded primarily through borrowings under the firm’s revolving credit facility.  Under the terms of the omnibus agreement, Susser Holdings will pay rent to Susser Petroleum equal to 8% of the cost of each store for an initial term of 15 years.  In addition, Susser Petroleum will be the sole distributor of motor fuel to these eight stores at a fixed margin of three cents per gallon for an initial contract term of 10 years.

Susser Petroleum also recently acquired two convenience store properties that will be leased to third-party wholesale dealers, and it will supply motor fuel to these sites.

“The real estate partnership between our two companies is off to a great start,” said Sam Susser, chairman and CEO of Susser Petroleum and president and CEO of Susser Holdings.  “Including the eight stores that have been dropped down to the MLP, we’ve opened 21 Stripes stores so far this year, and we expect to open four more in the coming weeks.  We expect Susser Petroleum Partners to complete the acquisition of seven additional Stripes stores by April of 2013.”

Management to Ring Opening Bell
Susser and other members of the senior management team will ring The Opening Bell at the New York Stock Exchange (NYSE) at 9:30 a.m. ET today to celebrate the transfer of the listing of Susser Holdings’ common stock from the NASDAQ Global Select Market to the NYSE.  Susser Petroleum began trading on the NYSE on Sept. 20, following an initial public offering of units.

Susser Holdings Corp. operates approximately 555 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner.

 

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