Susser Sets Pricing for Secondary Stock Offering

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Susser Sets Pricing for Secondary Stock Offering


CORPUS CHRISTI, Texas -- Susser Holdings Corp. plans to sell 3.5 million shares of its common stock for $21.75 a piece. Susser will also grant warrants for its underwriters to purchase an additional 525,000 shares.

If all 3.5 million shares sold on the open market, Susser, operator of 539 Stripes convenience stores in Texas, New Mexico and Oklahoma, would obtain more than $76 million. According to a company news release, Susser plans to use the net proceeds from the secondary stock sale for "growth capital for new store development and general corporate purposes that may include opportunistic debt reduction, from time to time, based on market conditions."

The secondary stock offering is expected to close Dec. 7. BofA Merrill Lynch is the sole book-running manager for the transaction.

Susser shares, trading on the NASDAQ stock market under the symbol SUSS, closed at $21.79 yesterday. However, after releasing word of the secondary stock offering this morning, the stock is hovering between a price range of $21.25 and $21.61 thus far today.