Suburban Propane driving by with $525 million 10-year notes

By Paul A. Harris

Portland, Ore., May 12 - Suburban Propane Partners, LP and Suburban Energy Finance Corp. plan to discuss their $525 million offering of 10-year senior notes (expected ratings Ba3/BB-) during an investor conference call scheduled to get underway at 11:30 a.m. ET Monday, according to a syndicate source.

The deal is set to price Monday afternoon.

Wells Fargo Securities LLC is the left bookrunner for the public offering. BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc. are the joint bookrunners.

The notes come with five years of call protection.

The Whippany, N.J.-based retail marketer and distributor of propane, fuel oil and refined fuels plans to use the proceeds to repurchase its outstanding 7½% senior notes due 2018.

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