Susser Petroleum Secures More Funding for Acquisitions
HOUSTON -- Susser Petroleum Partners LP increased the aggregate lender commitments under its revolving credit facility by $150 million to a total of $400 million. The company also retains the ability to increase the credit facility by up to $100 million, it stated in a news release.
The credit facility matures in September 2017.
"This increase provides added capacity as we plan for future growth, and ensures liquidity to meet [Susser Petroleum's] future acquisition opportunities," said President and CEO Rocky Dewbre. "We appreciate the strong support from our bank group, including six new banks participating in this facility."
Houston-based Susser Petroleum Partners was recently spun off from former parent company Susser Holdings Corp., operator of Stripes convenience stores. The company is a publicly traded master limited partnership that is engaged primarily in fee-based wholesale distribution of motor fuels to Susser Holdings and third parties.
Susser Petroleum Partners distributes more than 1.5 billion gallons of motor fuel annually to convenience stores and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
Corpus Christi, Texas-based Susser Holdings Corp. operates approximately 575 c-stores.