DALLAS, May 3, 2024
/PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN" or the "Partnership")
today announced that, on June 3, 2024
(the "Redemption Date"), (a) SUN will purchase all outstanding
units of (i) 8.50% Series A Fixed-to-Floating Rate Cumulative
Redeemable Perpetual Preferred Units (the "Series A Preferred
Units") representing limited partner interests in NuStar Energy
L.P., a Delaware limited
partnership and subsidiary of SUN ("NuStar"), (ii) 7.625% Series B
Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred
Units (the "Series B Preferred Units") representing limited partner
interests in NuStar and (iii) 9.00% Series C Fixed-to-Floating Rate
Cumulative Redeemable Perpetual Preferred Units (the "Series C
Preferred Units" and, collectively with the Series A Preferred
Units and the Series B Preferred Units, the "Preferred Units"),
representing limited partner interests in NuStar, in each case
pursuant to the Eighth Amended and Restated Agreement of Limited
Partnership of NuStar, dated as of July 20,
2018, as amended to date, with the final cash distribution
for the Preferred Units to be paid on May
31, 2024 to holders of the Preferred Units as of the close
of business on May 15, 2024 (the
"Record Date"); and (b) NuStar Logistics, L.P., a Delaware limited partnership and subsidiary of
SUN ("Logistics"), will redeem all of Logistics' outstanding 7.625%
Fixed-to-Floating Rate Subordinated Notes due 2043 (CUSIP No.
67059T204, the "Notes") issued pursuant to the First Supplemental
Indenture, dated as of January 22,
2023 (the "First Supplemental Indenture"), among Logistics,
NuStar, NuStar Pipeline Operating Partnership L.P., a Delaware limited partnership (the "Affiliate
Guarantor"), and Computershare Trust Company, N.A., as successor
trustee (the "Trustee") to Wells Fargo Bank, National Association,
to the Indenture, dated as of January 22,
2013 (the "Base Indenture" and, together with the First
Supplemental Indenture, the "Original Indenture"), among Logistics,
NuStar and the Trustee. SUN entered into the Second Supplemental
Indenture, dated as of May 3, 2024
(the "Second Supplemental Indenture" and, together with the
Original Indenture, the "Indenture"), with Logistics, NuStar, the
Affiliate Guarantor and the Trustee to assume the due and punctual
payment of the principal of, premium, if any, and interest on the
Notes, and the due and punctual performance or observance of all
the other obligations under the Original Indenture to be performed
or observed by Logistics.
The redemption price for the Preferred Units (the "Preferred
Units Redemption Price") will be equal to $25.00 per each Preferred Unit for the purchased
Preferred Units on the Redemption Date, less any applicable tax
withholding as required by law.
A final cash distribution with an amount equal to all unpaid
distributions thereon from November 25,
2016 to the Redemption Date (whether or not such
distributions shall have been declared), totaling $6,064,256.64, or approximately $0.6693 per each Series A Preferred Unit, will be
paid on May 31, 2024 to holders of
the Series A Preferred Units as of the close of business on the
Record Date.
A final cash distribution with an amount equal to all unpaid
distributions thereon from April 28,
2017 to the Redemption Date (whether or not such
distributions shall have been declared), totaling $9,371,095.07, or approximately $0.6085 per each Series B Preferred Unit, will be
paid on May 31, 2024 to holders of
the Series B Preferred Units as of the close of business on the
Record Date.
A final cash distribution with an amount equal to all unpaid
distributions thereon from November 30,
2017 to the Redemption Date (whether or not such
distributions shall have been declared), totaling $4,661,111.00, or approximately $0.6755 per each Series C Preferred Unit, will be
paid on May 31, 2024 to holders of
the Series C Preferred Units as of the close of business on the
Record Date.
On the Redemption Date, the Preferred Units Redemption Price
will become due and payable upon each purchased Preferred Unit, and
distributions on the Preferred Units will cease to accrue on and
after the Redemption Date.
Paying Agent of the Preferred Units and its name and address
is:
By Mail or Express
Delivery:
Computershare Trust Company, N.A.
150 Royall Street, Suite 101
Canton, MA 02021
Attention: Corporate Actions, COY: VLI
The redemption price for the Notes called for redemption will be
equal to 100.000% of the principal amount (the "Notes Redemption
Price"), plus accrued and unpaid interest, if any, to the
Redemption Date in accordance with the terms of the Notes and the
Indenture. On the Redemption Date, the Notes Redemption Price will
become due and payable upon each redeemed Note, and interest on the
Notes will cease to accrue on and after the Redemption Date.
Paying Agent of the Notes and its name and address is:
Regular Mail, Registered & Certified Mail,
Courier or In Person by Hand:
Computershare Trust Company,
N.A.
Corporate Trust Operations
1505 Energy Park Drive
St. Paul, MN 55108
Additional information concerning the terms and conditions of
the purchase of the Preferred Units and the redemption of the Notes
announced herein is contained in the notice distributed to holders
of the Preferred Units and to holders of the Notes. Beneficial
holders with any questions about the purchase of the Preferred
Units and the redemption of the Notes announced herein should
contact their respective brokerage firm or financial
institution.
Sunoco LP (NYSE: SUN) is a leading energy infrastructure
and fuel distribution master limited partnership operating across
47 U.S. states, Puerto Rico,
Europe, and Mexico. The Partnership's midstream operations
include an extensive network of approximately 9,500 miles of
pipeline and over 100 terminals. This critical infrastructure
complements the Partnership's fuel distribution operations, which
serve approximately 10,000 convenience stores, independent dealers,
commercial customers, and distributors. SUN's general partner is
owned by Energy Transfer LP (NYSE: ET).
Forward-Looking Statements
This news release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Such forward-looking statements are subject
to a variety of known and unknown risks, uncertainties, and other
factors that are difficult to predict and many of which are beyond
management's control. An extensive list of factors that can affect
future results are discussed in the Partnership's Annual Report on
Form 10-K and other documents filed from time to time with the
Securities and Exchange Commission. The Partnership
undertakes no obligation to update or revise any forward-looking
statement to reflect new information or events.
The information contained in this press release is available on
our website at www.sunocolp.com
Contacts
Investors:
Scott
Grischow, Treasurer, Senior Vice President – Finance
(214) 840-5660, scott.grischow@sunoco.com
Media:
Vicki Granado,
Vice President – Media & Communications
(214) 981-0761, vicki.granado@energytransfer.com
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SOURCE Sunoco LP