Analyst Summary
- Suburban Propane Partners, L.P. (the “Partnership”) entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Securities, Inc., and Evercore Group L.L.C., each acting as a sales agent and/or principal (each, an “Agent,” and collectively, the “Agents”).
- Pursuant to the terms of the Equity Distribution Agreement, the Partnership may issue and sell from time to time, through the Agents, the Partnership’s common units representing limited partner interests in the Partnership (the “Common Units”) having an aggregate offering amount of up to $100 million.
- The Agents will use their commercially reasonable efforts, as the sales agents and subject to the terms of the Equity Distribution Agreement, to sell the Common Units offered.
- Each Agent will be entitled to a commission from the Partnership of up to 1.5% of the gross sales price per Common Unit sold under the Equity Distribution Agreement by such Agent acting as the Partnership’s sales agent, with the exact amount to be agreed to by the Partnership.
- The Partnership intends to use any net proceeds from the offering to fund potential acquisitions and for general limited partnership purposes.