Sunoco LP has recently announced the commencement of private offers to eligible holders, for the exchange of Canadian dollar denominated notes (PKI CAD notes) and U.S. dollar denominated notes (PKI USD notes) previously issued by Parkland Corporation. The exchange offers and consent solicitations are being made pursuant to the terms and subject to the conditions set forth in the respective exchange offer memoranda.
The following tables outline the early participation exchange consideration and the expiration date exchange consideration offered for each series of the PKI notes:
For the 3.875% senior notes due 2026, with a C$600,000,000 principal amount outstanding, the early participation exchange consideration is C$1,000 principal amount of Sunoco’s 3.875% senior notes due 2026 and C$2.50 in cash, while the expiration date exchange consideration is C$950 principal amount of Sunoco’s 3.875% senior notes due 2026.
For the 6.000% senior notes due 2028, with a C$400,000,000 principal amount outstanding, the early participation exchange consideration is C$1,000 principal amount of Sunoco’s 6.000% senior notes due 2028 and C$2.50 in cash, while the expiration date exchange consideration is C$950 principal amount of Sunoco’s 6.000% senior notes due 2028.
For the 4.375% senior notes due 2029, with a C$600,000,000 principal amount outstanding, the early participation exchange consideration is C$1,000 principal amount of Sunoco’s 4.375% senior notes due 2029 and C$2.50 in cash, while the expiration date exchange consideration is C$950 principal amount of Sunoco’s 4.375% senior notes due 2029.
For the U.S. dollar denominated notes, the early participation exchange consideration ranges from US$1,000 principal amount of Sunoco’s 5.875% senior notes due 2027 and US$2.50 in cash to US$1,000 principal amount of Sunoco’s 6.625% senior notes due 2032 and US$2.50 in cash.
The exchange offers and consent solicitations will expire at 5:00 p.m., New York City time, on November 4, 2025, unless extended or terminated. However, eligible holders who validly tender and do not validly withdraw their PKI notes at or prior to 5:00 p.m., New York City time, on October 20, 2025, unless extended or terminated, will be eligible to receive greater consideration for their PKI notes.
Sunoco reserves the right to terminate, withdraw, amend, or extend one or more of the exchange offers and consent solicitations in its discretion, subject to applicable law and the terms and conditions set forth in the exchange offer memoranda.
The new notes offered have not been registered with the SEC under the Securities Act of 1933, as amended, or any state or foreign securities laws, and no prospectus will be filed under applicable securities laws in any of the provinces or territories of Canada. Therefore, the new notes will be subject to restrictions on transferability and resale. Today the company's shares have moved 0.06% to a price of $50.74. If you want to know more, read the company's complete 8-K report here.
