Sunoco LP announced a private offering of $800 million of senior notes due 2023.
Sunoco Finance Corp., a wholly-owned direct subsidiary of Sunoco, will serve as co-issuer of the notes.
Sunoco intends to use the net proceeds from the offering to fund the cash consideration for its acquisition of a 31.58% membership interest in Sunoco LLC from a wholly-owned subsidiary of Energy Transfer Partners L.P. and repay outstanding borrowings under its senior secured revolving credit facility.
The offering of the notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, the notes may not be offered or sold in the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
Sunoco operates more than 150 convenience stores and retail fuel sites.