Susser Raises Additional $6M From Secondary Share Offering
CORPUS CHRISTI, Texas -- Susser Holdings Corp. will earn an additional $6 million roughly, as the underwriters for its secondary offering exercised their options to purchase 275,000 shares of the company's stock.
As CSNews Online reported earlier this month, Susser sold 3.5 million shares in a secondary offering at the same price per share. The endeavor proved successful, with Susser netting approximately $72 million from the general public.
As part of the agreement, Susser offered the underwriters of the transaction the option to purchase an additional 275,000 shares, which they exercised today. BofA Merrill Lynch, BMO Capital Markets, Morgan Keegan, RBC Capital Markets and Wells Fargo Securities were all involved in the public secondary stock offering.
Susser said it intends to use the additional $6 million earned for "growth capital for new store development and general purposes that may include opportunistic debt reduction, from time to time, based on market conditions."
Susser has approximately 1,100 company-operated or contracted locations.