Suburban Propane to price $350 million 10-year notes on Tuesday

By Paul A. Harris

Portland, Ore., Feb. 7 – Suburban Propane Partners, LP and its wholly owned direct subsidiary Suburban Energy Finance Corp. plan to price a $350 million offering of 10-year senior notes (expected ratings Ba3/BB-) Tuesday afternoon, trailing a mid-morning conference call with investors, according to a syndicate source.

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

BNP Paribas Securities Corp., Capital One, HSBC Securities, TD Securities and BB&T are the co-managers.

The notes become callable after five years at par plus 50% of the coupon.

The Whippany, N.J.-based distributor of propane, fuel oil and electricity in deregulated markets plans to use the proceeds to repurchase its 7 3/8% senior notes due 2021.

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