Suburban Propane Partners, L.P. (SPH) said Monday that its underwritten public offering of 2.7 million common units representing limited partner interests in Suburban was priced at $48.16 per common unit.
On the Initial Closing Date, Suburban received approximately $124.6 million of net proceeds from the offering. On May 17, 2013, the underwriters gave notice of the exercise, in full, of their option to purchase from Suburban an additional 405,000 common units representing limited partner interests in Suburban at the Offering Price.
Suburban said it will receive about $18.8 million of net proceeds from the underwriters' exercise of their option to purchase additional common units upon the delivery of the additional common units, which is expected to occur on May 22, 2013, subject to customary closing conditions.
Suburban intends to use the net proceeds from this offering, including net proceeds from the exercise by the underwriters of their option to purchase additional common units, to repay outstanding senior unsecured indebtedness with an aggregate principal amount of up to $135 million, and any remainder for working capital and general partnership purposes.
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