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In total, 10.925 million common units representing limited partner interests in Susser Petroleum Partners sold for $20.50 per unit. The net proceeds were approximately $209.8 million after deducting the underwriting discount and structuring fee, but before taking into account estimated offering expenses.
As CSNews Online reported earlier this month, Susser Holdings Corp. had originally planned to sell 9.5 million units of the wholesale fuels business and raise as much as $200 million from the offering, which it could use to build or acquire more Stripes convenience stores and pay outstanding debt.
The number of units issued at closing included 1.425 million common units, issued pursuant to full exercise of the underwriters' option to purchase additional common units, according to the company.
Susser Petroleum Partners will trade under the New York Stock Exchange symbol, SUSP. It will distribute more than 1.4 billion gallons of motor fuel annually from independent refiners and major oil companies to Susser Holdings' Stripes convenience stores, which are located in Texas, New Mexico, Oklahoma and Louisiana.
BofA Merrill Lynch, Barclays, Wells Fargo Securities and UBS Investment Bank acted as joint book-running managers for the offering. RBC Capital Markets, Raymond James, BMO Capital Markets, Baird and Janney Montgomery Scott acted as co-managers.