Sunoco LP has announced the commencement of private exchange offers and consent solicitations for outstanding notes of Parkland Corporation. This includes Canadian dollar denominated notes (PKI CAD Notes) and U.S. dollar denominated notes (PKI USD Notes), with the exchange offers being made to all eligible holders.
The early participation exchange consideration and the expiration date exchange consideration offered for each series of the PKI notes are as follows:
For the PKI CAD Notes: 3.875% senior notes due 2026: C$1,000 principal amount of Sunoco’s 3.875% senior notes due 2026 and C$2.50 in cash for early participation exchange consideration, and C$950 principal amount of Sunoco’s 3.875% senior notes due 2026 for expiration date exchange consideration. 6.000% senior notes due 2028: C$1,000 principal amount of Sunoco’s 6.000% senior notes due 2028 and C$2.50 in cash for early participation exchange consideration, and C$950 principal amount of Sunoco’s 6.000% senior notes due 2028 for expiration date exchange consideration. * 4.375% senior notes due 2029: C$1,000 principal amount of Sunoco’s 4.375% senior notes due 2029 and C$2.50 in cash for early participation exchange consideration, and C$950 principal amount of Sunoco’s 4.375% senior notes due 2029 for expiration date exchange consideration.
For the PKI USD Notes: 5.875% senior notes due 2027: US$1,000 principal amount of Sunoco’s 5.875% senior notes due 2027 and US$2.50 in cash for early participation exchange consideration, and US$950 principal amount of Sunoco’s 5.875% senior notes due 2027 for expiration date exchange consideration. 4.500% senior notes due 2029: US$1,000 principal amount of Sunoco’s 4.500% senior notes due 2029 and US$2.50 in cash for early participation exchange consideration, and US$950 principal amount of Sunoco’s 4.500% senior notes due 2029 for expiration date exchange consideration. 4.625% senior notes due 2030: US$1,000 principal amount of Sunoco’s 4.625% senior notes due 2030 and US$2.50 in cash for early participation exchange consideration, and US$950 principal amount of Sunoco’s 4.625% senior notes due 2030 for expiration date exchange consideration. 6.625% senior notes due 2032: US$1,000 principal amount of Sunoco’s 6.625% senior notes due 2032 and US$2.50 in cash for early participation exchange consideration, and US$950 principal amount of Sunoco’s 6.625% senior notes due 2032 for expiration date exchange consideration.
The exchange offers and consent solicitations are being made pursuant to specific terms and conditions, with the expiration date set for 5:00 p.m., New York City time, on November 4, 2025, unless extended or terminated. Eligible holders who tender and do not withdraw their PKI notes at or before 5:00 p.m., New York City time, on October 20, 2025, will be eligible to receive greater consideration for their notes.
The new notes offered have not been registered with the SEC under the Securities Act of 1933 and will be subject to restrictions on transferability and resale.
Sunoco reserves the right to extend the early participation date, the withdrawal deadline, and the expiration date with respect to the consent solicitations and exchange offers, subject to applicable law and terms and conditions set forth in the exchange offer memoranda. The market has reacted to these announcements by moving the company's shares 1.73% to a price of $50.71. For more information, read the company's full 8-K submission here.
