Susser to repay revolver debt, redeem notes with IPO proceeds

By Sara Rosenberg

New York, Oct. 20 - Susser Holdings Corp. plans on repaying all borrowings under its revolving credit facility and redeeming $50 million of its 10 5/8% senior notes due 2013 using proceeds from a proposed initial public offering of common stock, according to a 424B4 filed with the Securities and Exchange Commission Friday.

At July 2, the company had $11.4 million outstanding under its revolver.

The IPO is expected to generate proceeds of about $98 million, based on an offering price of $16.50 per share.

After the debt repayments, remaining proceeds from the IPO will be used for general corporate purposes, including growth capital.

Susser is a Corpus Christi, Texas-based non-refining operator of convenience stores.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.