Susser Holdings to Hold IPO This Week
NEW YORK -- Susser Holdings Corp., an operator of Circle K and Stripes gas and convenience stores, is preparing to go public this week with an initial public offering of 6 million shares, expected to be priced between $16 to $18, The Associated Press reported.
Susser plans to use the expected $93.3 million in proceeds to redeem $50 million in senior notes, plus approximately $5.5 million in accrued interest. The company will also repay all outstanding borrowings under its revolving credit facility -- about $11.4 million, and will use a portion of the money for general corporate purposes including growth capital, the report stated.
Underwriters, including Merrill Lynch, JP Morgan, Jefferies & Co. and Morgan Keegan & Co., may purchase up to an additional 900,000 shares, and there will be about 15.3 million shares outstanding after the offering, according to the AP.
The company said its stock has been approved for listing on the Nasdaq Global Market under the ticker symbol "SUSS."
The Corpus Christi, Texas-based company operates 320 convenience stores in Texas and Oklahoma. In addition to selling convenience items like food, drinks, snacks and gas, 137 of the stores include an in-store restaurant called Laredo Taco Co. Susser also serves as a wholesale distributor of motor fuel to its own stores and other customers.
A key investor is private equity investment company Wellspring Capital Partners III LP, which will own 6.6 million shares after the offering, and company president and chief executive Sam L. Susser, with 2.2 million shares.
Susser plans to use the expected $93.3 million in proceeds to redeem $50 million in senior notes, plus approximately $5.5 million in accrued interest. The company will also repay all outstanding borrowings under its revolving credit facility -- about $11.4 million, and will use a portion of the money for general corporate purposes including growth capital, the report stated.
Underwriters, including Merrill Lynch, JP Morgan, Jefferies & Co. and Morgan Keegan & Co., may purchase up to an additional 900,000 shares, and there will be about 15.3 million shares outstanding after the offering, according to the AP.
The company said its stock has been approved for listing on the Nasdaq Global Market under the ticker symbol "SUSS."
The Corpus Christi, Texas-based company operates 320 convenience stores in Texas and Oklahoma. In addition to selling convenience items like food, drinks, snacks and gas, 137 of the stores include an in-store restaurant called Laredo Taco Co. Susser also serves as a wholesale distributor of motor fuel to its own stores and other customers.
A key investor is private equity investment company Wellspring Capital Partners III LP, which will own 6.6 million shares after the offering, and company president and chief executive Sam L. Susser, with 2.2 million shares.