Susser Nets Nearly $72M From Secondary Stock Sale
CORPUS CHRISTI, Texas -- Susser Holdings Corp. earned approximately $72 million from its secondary stock sale that was completed yesterday. The company, which has about 1,100 company-operated or contracted locations, sold 3.5 million shares of its common stock for $21.75 each.
The underwriters of the secondary stock sale, including BofA Merrill Lynch, have the option to purchase an additional 525,000 shares of Susser common stock. The underwriters must exercise the purchase option within 30 days.
Susser, operator of Stripes convenience stores, intends to use the proceeds from the stock sale for growth capital for new store development and general corporate purposes, which may include opportunity debt reduction from time to time, the company said in a news release.
Susser operates c-stores in Texas, New Mexico and Oklahoma. It also offers restaurant service at 325 of its stores, primarily under its Laredo Taco Co. brand.