Sunoco LP (NYSE: SUN) has announced the commencement of private exchange offers and consent solicitations for the outstanding notes of Parkland Corporation. The exchange offers involve Canadian dollar-denominated notes (PKI CAD notes) and US dollar-denominated notes (PKI USD notes) previously issued by Parkland Corporation.
The early participation exchange consideration for the 3.875% senior notes due 2026 includes 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 offers C$950 principal amount of Sunoco’s 3.875% senior notes due 2026.
For the 5.875% senior notes due 2027, the early participation exchange consideration consists of US$1,000 principal amount of Sunoco’s 5.875% senior notes due 2027 and US$2.50 in cash, whereas the expiration date exchange consideration offers US$950 principal amount of Sunoco’s 5.875% senior notes due 2027.
The settlement of the exchange offers is expected to be promptly following the expiration date, unless Sunoco extends the expiration date or terminates the exchange offers. Each series of new notes to be issued as part of the exchange offers will have substantially identical interest rates, interest payment dates, maturity dates, and redemption terms as the corresponding series of PKI notes.
The exchange offers and consent solicitations are being made pursuant to the terms and subject to various conditions, and eligible holders who validly tender and do not withdraw their PKI notes at or prior to the early participation date will be eligible to receive greater consideration for their notes.
It is important to note that the new notes offered have not been registered with the SEC under the Securities Act of 1933, and are subject to restrictions on transferability and resale. Only eligible holders who have completed and returned the eligibility certification are authorized to participate in the exchange offers and consent solicitations.
This news release is not an offer to sell or a solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation, or sale is unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. 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.
