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Susser and Energy Transfer announces a broad series of strategic and transformative steps


Published Sep 29, 2014
Energy Transfer Equity, L.P.

Susser Petroleum Partners LP and Energy Transfer Partners, L.P. announced the first dropdown transaction between ETP and SUSP. In addition, SUSP announced an agreement to acquire Hawaii-based Aloha Petroleum Ltd., closing of a new $1.25 billion revolving credit facility, and its plan to change the Partnership's name to Sunoco LP.

Dropdown of MACS and Acquisition of Aloha Petroleum

SUSP has agreed to acquire Mid-Atlantic Convenience Stores, LLC from ETP in a transaction valued at approximately $768 million. The consideration payable by SUSP will consist of approximately 4 million newly issued SUSP common units and $556 million of cash, subject to customary closing adjustments. SUSP plans to initially finance the cash portion by utilizing availability under the revolving credit facility, with longer term financing through a combination of debt and equity. The transaction is expected to be immediately accretive to distributable cash flow per unit for both SUSP and ETP.

Tags: Energy Transfer Partners, Susser Petroleum Partners LP




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