Sunoco LP (NYSE: SUN) recently announced the expiration and final results of its private exchange offers and consent solicitations for outstanding Canadian dollar denominated notes (PKI CAD Notes) and U.S. dollar denominated notes (PKI USD Notes) issued by Parkland Corporation. The exchange offers and consent solicitations expired at 5:00 p.m., New York City time, on November 4, 2025.
The results show that C$1,474,777,000 in aggregate principal amount of the PKI CAD Notes, representing approximately 92.2% of the total outstanding principal amount, and US$2,579,839,000 in aggregate principal amount of the PKI USD Notes, representing approximately 99.2% of the total outstanding principal amount, have been validly tendered and not validly withdrawn.
For the PKI CAD Notes: The 3.875% senior notes due 2026 had C$549,406,000 tendered, representing 91.6% of the total outstanding principal amount. The 6.000% senior notes due 2028 had C$380,785,000 tendered, representing 95.2% of the total outstanding principal amount. * The 4.375% senior notes due 2029 had C$544,586,000 tendered, representing 90.8% of the total outstanding principal amount.
For the PKI USD Notes: The 5.875% senior notes due 2027 had US$498,854,000 tendered, representing 99.8% of the total outstanding principal amount. The 4.500% senior notes due 2029 had US$789,974,000 tendered, representing 98.8% of the total outstanding principal amount. The 4.625% senior notes due 2030 had US$798,252,000 tendered, representing 99.8% of the total outstanding principal amount. The 6.625% senior notes due 2032 had US$492,759,000 tendered, representing 98.6% of the total outstanding principal amount.
Sunoco received the requisite consents from eligible holders of each series of PKI Notes to amend the PKI Indentures. As of October 31, 2025, Sunoco completed its acquisition of all the issued and outstanding common shares of Parkland, making Parkland a wholly owned subsidiary of Sunoco.
The exchange offers and consent solicitations were made pursuant to the terms and conditions set forth in the confidential exchange offer memoranda and consent solicitation statements. The settlement date of the exchange offers and consent solicitations is expected to occur on November 7, 2025.
Each series of new notes will have substantially identical interest rates, interest payment dates, maturity dates, and redemption terms as the corresponding series of PKI Notes. The first interest payment on any new notes will include the accrued and unpaid interest on the PKI Notes tendered in exchange therefor.
Sunoco LP is a leading energy infrastructure and fuel distribution master limited partnership operating across 32 countries and territories in North America, the greater Caribbean, and Europe. Following these announcements, the company's shares moved -1.82%, and are now trading at a price of $50.345. Check out the company's full 8-K submission here.
