Susser Holdings Corp. (SUSS: Quote) said Thursday that its Board of Directors has approved the filing of a registration statement to effect an initial public offering through the formation of a master limited partnership that will operate substantially all of the company's legacy wholesale fuel distribution business.
Susser Holdings would own the general partner of the new entity, Susser Petroleum Partners LP, as well as all of the master limited partnership incentive distribution rights and a majority of its units representing limited partner interests.
Concurrently with the closing of the IPO, Susser Holdings expects to receive a cash distribution from the master limited partnership in an amount corresponding to net IPO offering proceeds.
Susser Holdings in turn planss to use the proceeds of that distribution to construct or acquire new convenience stores and to repay, repurchase or redeem outstanding debt.
However, the aggregate amount to be raised in the IPO, including the amount and price of the units to be offered, has not yet been determined.
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by RTT Staff Writer
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