Sunoco Logistics Partners LP (NYSE: SXL) priced 4.25% senior notes due 2024 and 5.30% senior notes due 2044, the company said March 31. The notes had aggregate principal amounts of $300 million and $700 million, respectively, the company added.
The notes belong to the company’s wholly-owned subsidiary Sunoco Logistics Partners Operations LP, the company said.
Net proceeds of about $989 million are expected, the company added. Sunoco Logistics Partners Operations will use them to repay outstanding revolving credit facility borrowings, and will also use them for general partnership purposes, Sunoco Logistics Partners said.
The notes’ sale is scheduled to settle April 3, Sunoco Logistics Partners said.
The 4.25% notes were sold at 99.774% of par value, while the 5.30% notes were sold at 99.836% of par value, the company said.
The notes mature on April 1, 2024 and April 1, 2044, respectively, Sunoco Logistics Partners said.
RBS Securities Inc., Barclays Capital Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, BBVA Securities Inc., DNB Markets Inc. and SunTrust Robinson Humphrey Inc. were joint book-running managers, the company said. Comerica Securities Inc. and Scotia Capital (USA) Inc. were co-managers, the company noted.Philadelphia-based Sunoco Logistics Partners LP is an MLP that owns and operates an oil and NGL logistics business.
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