Sunoco gives early tender tally, gets needed consents for 2026 notes

Chicago, Oct. 20 – Sunoco LP provided the early tender results of its cash tender offer for its $800 million outstanding 5½% senior notes due 2026 (Cusip: 86765LAL1), according to a press release.

As of the early deadline at 5 p.m. ET on Oct. 19, noteholders had tendered $670,096,000, or 83.76%, of the notes.

As previously reported, the company is offering a total consideration of $1,029.50 per $1,000 note, inclusive of a $30 early tender payment for noteholders who tendered notes by the early deadline.

Interest will also be paid to either the early or the final settlement date.

Sunoco was also soliciting consents to amend the indenture governing the notes to shorten the minimum notice periods for the optional redemption of the notes.

Sunoco said it received consents representing a majority of the notes by the early deadline, which was sufficient to adopt the changes.

Holders who tendered their notes were deemed to have given consent.

The proposed amendments are expected to become operative on the early settlement date.

As a result, the company intends to issue a notice of redemption to redeem all of the notes not purchased in the tender offer on the early settlement date.

The final expiration time is midnight ET on Nov. 2.

Early settlement is planned for Oct. 20, and final settlement is expected for Nov. 3.

The offer was contingent upon the completion of a new debt financing. Sunoco sold $800 million of new notes on Oct. 5.

Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) and MUFG Securities Americas Inc. (877 744-4532, 212 405-7481) are the dealer managers and solicitation agents.

D.F. King & Co., Inc. (800 817-5468, 212 269-5550, sunoco@dfking.com) is the information and tender agent for the offer.

Sunoco is a Dallas-based wholesale distributor of motor fuels, retailer of motor fuels and operator of convenience stores.

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