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CORPUS CHRISTI, Texas -- Parent of the Stripes chain of convenience stores, Susser Holdings Corp.'s indirect subsidiaries, Susser Holdings LLC and Susser Finance Corp., intend to offer approximately $425 million of senior notes due 2016. The proceeds, plus cash on hand, will be used to redeem all of Susser's outstanding 10 5/8 percent senior notes due 2013 at the applicable premium of 105.313 percent plus accrued and unpaid interest to the redemption date. Proceeds also will be used to repay the company's outstanding indebtedness under its credit facility and to pay any related fees and expenses.
The redemption of the 10 5/8 percent senior notes due 2013 is conditioned upon the completion of the offering of the notes. In connection with the closing of the notes, Susser Holdings, as borrower, and the guarantors party, expect to enter into an amendment and restatement of their term loan and revolving credit facility dated Nov. 13, 2007 (The New Credit Facility).
The offering is subject to market and other conditions including the execution of the New Credit Facility, the company said in a statement. A definitive agreement relating to the proposed offering of notes has not been entered into by the issuers, and there can be no assurances the notes offering will be consummated, or that the 10 5/8 percent senior notes due 2013 will be redeemed.
Susser Holdings Corp. has not entered into a definitive agreement with respect to the New Credit Facility and there is no assurance that such transaction will be consummated, the company noted.
The notes have not been registered under the Securities Act of 1933, and, unless registered, may not be offered or sold in the United States absent registration or an applicable exemption.
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