Susser Petroleum Partners Seeks $200M IPO
CORPUS CHRISTI, Texas -- Susser Petroleum Partners LP has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) seeking an initial public offering (IPO) of up to $200 million in stock.
As CSNews Online reported yesterday, Susser Holdings Corp. plans to spin off Susser Petroleum, its wholesale fuels business, as a master limited partnership (MLP). Assuming the SEC approves the registration, Susser Holdings will receive the net proceeds from the IPO share sale and then use those funds to build or acquire convenience stores and reduce debt.
Susser Petroleum plans to list its shares on either the New York Stock Exchange or NASDAQ Global Select Market under the ticker symbol SUSP.
According to Susser Holdings, following the IPO, the operator of more than 540 Stripes convenience stores will purchase its fuel from Susser Petroleum, which is marketed under the Valero Energy Corp. and Chevron Corp. brand names.
BofA Merrill Lynch and Barclays will act as joint book-running managers and co-structuring advisors for the transaction.
In related Susser Holdings news, Stripes celebrated the opening of its newest Corpus Christi store today with a ribbon-cutting ceremony. In addition, Susser Holdings CEO Sam L. Susser was on hand to present a check donation to representatives of the YMCA and Coastal Blend.
The new Stripes store, located at 1303 Third St., also offered product samples, prize wheel giveaways and more. Several Corpus Christi politicians joined the event, including Mayor Joe Adame and Councilwoman Chris Adler.