Sunoco Logistics Partners LP announced the pricing of $200 million aggregate principal amount of 4.250% senior notes due 2024 and $800 million aggregate principal amount of 5.350% senior notes due 2045 of its wholly owned subsidiary, Sunoco Logistics Partners Operations LP.
The 4.250% senior notes due 2024 are being offered as additional notes under an indenture pursuant to which the operating partnership issued $300 million aggregate principal amount of 4.250% senior notes due 2024 on April 3, 2014. The new 4.250% senior notes due 2024 and the existing 4.250% senior notes due 2024 will be treated as a single series of securities under such indenture. The sale of the senior notes is expected to settle on Nov. 17, 2014, subject to customary closing conditions. The operating partnership intends to use the net proceeds of approximately $990 million to repay outstanding borrowings under its $1.5 billion revolving credit facility and for general partnership purposes.
The 4.250% senior notes due 2024, maturing on April 1, 2024, were sold to the public at 101.772% of par value, and the 5.350% senior notes due 2045, maturing on May 15, 2045, were sold to the public at 99.331% of par value.
Wells Fargo Securities, LLC, RBC Capital Markets, LLC, U.S. Bancorp Investments, Inc., RBS Securities Inc., TD Securities (USA) LLC, BBVA Securities Inc., Comerica Securities, Inc., DNB Markets, Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc. and SunTrust Robinson Humphrey, Inc. are joint book-running managers for the senior notes offering.
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