NYSE
30 days, 22 hours ago 
SUN
Sunoco Lp
425: Sunoco LP to Acquire Parkland Corporation in $9.1 Billion Deal, Creating Americas' Largest Independent Fuel Distributor
Sunoco LP announces a definitive agreement to acquire Parkland Corporation for $9.1 billion, including assumed debt, aiming to create one of the largest independent fuel distributors in the Americas with significant synergies and enhanced shareholder returns.
Capital raise
 
Better than expected
 
NYSE
31 days, 8 hours ago 
SUN
Sunoco Lp
425: Sunoco LP Amends Parkland Acquisition Terms, Reveals Pro Forma Financials Showing Full-Year Loss
Sunoco LP has announced an amendment to its definitive agreement to acquire Parkland Corporation, adjusting funding and proration mechanics, while also releasing unaudited pro forma financial information that indicates a net loss for the combined entity for the year ended December 31, 2024.
Worse than expected
 
Capital raise
 
NYSE
31 days, 8 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Amends Parkland Acquisition Terms, Reveals Pro Forma Financials for $9.1 Billion Deal
Sunoco LP has announced an amendment to its arrangement agreement with Parkland Corporation, adjusting funding and proration mechanics, and has furnished unaudited pro forma financial information reflecting the combined impact of the Parkland acquisition, the NuStar acquisition, and the West Texas asset sale.
Capital raise
 
Worse than expected
 
NYSE
32 days, 7 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Acquisition of Parkland Corporation Advances with Debt Covenant Amendments
Sunoco LP's acquisition of Parkland Corporation progresses as Parkland initiates a consent solicitation to amend debt indentures, aiming to eliminate a Change of Control offer obligation triggered by the transaction.
NYSE
39 days, 23 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Amends Credit Agreement to Facilitate Parkland Acquisition
Sunoco LP amends its credit agreement, increasing the letter of credit sublimit and modifying guarantee requirements to support the Parkland acquisition.
NYSE
51 days, 13 hours ago 
SUN
Sunoco Lp
10-Q: Sunoco LP Announces Q1 2025 Results, Highlights Strategic Acquisitions and Financial Performance
Sunoco LP reports its Q1 2025 financial results, detailing strategic acquisitions including TanQuid and Parkland, and providing an overview of segment performance and financial condition.
Capital raise
 
Worse than expected
 
NYSE
53 days, 20 hours ago 
SUN
Sunoco Lp
425: Sunoco to Acquire Parkland Corporation for $9.1 Billion, Creating Americas' Largest Independent Fuel Distributor
Sunoco LP announces a definitive agreement to acquire Parkland Corporation in a cash and equity transaction valued at $9.1 billion, including assumed debt, aiming to create the largest independent fuel distributor in the Americas.
Capital raise
 
NYSE
53 days, 22 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Announces Solid First Quarter 2025 Results and Strategic Acquisitions
Sunoco LP reports strong Q1 2025 results, including a net income of $207 million and Adjusted EBITDA of $458 million, while also announcing significant acquisitions and distribution increases.
Better than expected
 
NYSE
54 days, 8 hours ago 
SUN
Sunoco Lp
425: Sunoco LP to Acquire Parkland Corporation in Landmark Deal
Sunoco LP will acquire Parkland Corporation, creating a major player in the energy sector, through a complex arrangement involving cash, stock, and a new publicly traded company.
Capital raise
 
NYSE
54 days, 8 hours ago 
SUN
Sunoco Lp
8-K: Sunoco to Acquire Parkland Corporation in Landmark Deal
Sunoco LP will acquire all outstanding common shares of Parkland Corporation, creating a significant shift in the energy sector landscape.
Delay expected
 
NYSE
54 days, 20 hours ago 
SUN
Sunoco Lp
425: Sunoco to Acquire Parkland Corporation in $9.1 Billion Deal, Forming New Publicly-Traded Entity SUNCorp
Sunoco LP will acquire Parkland Corporation for $9.1 billion, including debt, creating a new publicly-traded entity, SUNCorp, and aiming for significant synergies and growth.
Capital raise
 
NYSE
54 days, 21 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP to Acquire Parkland Corporation for $9.1 Billion, Including Debt
Sunoco LP will acquire Parkland Corporation in a cash and equity deal valued at approximately $9.1 billion, including assumed debt, forming a new publicly-traded entity, SUNCorp.
Capital raise
 
NYSE
61 days, 13 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Announces Christopher R. Curia's Retirement from Board of Directors
Christopher R. Curia will retire from Sunoco LP's board of directors effective May 1, 2025, after serving since August 2014.
NYSE
66 days, 12 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Announces 1.25% Increase in Quarterly Distribution, Targeting 5% Annual Growth
Sunoco LP declares a 1.25% increase in its quarterly distribution to $0.8976 per common unit, aiming for a 5% annual distribution growth rate in 2025.
NYSE
78 days, 16 hours ago 
SUN
Sunoco Lp
SCHEDULE 13G/A: ALPS Advisors and Alerian MLP ETF Maintain Significant Stake in Sunoco LP
ALPS Advisors, Inc. and Alerian MLP ETF have jointly reported a continued beneficial ownership of 15.15% in Sunoco LP, holding over 23 million common units.
NYSE
89 days, 13 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Completes $1 Billion Senior Notes Offering to Refinance Debt
Sunoco LP successfully closed a private offering of $1 billion in senior notes due 2033, planning to use the proceeds to repay existing debt, including NuStar Logistics' senior notes and borrowings under its revolving credit facility.
NYSE
100 days, 12 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Announces Upsized $1 Billion Private Offering of Senior Notes
Sunoco LP has priced an upsized private offering of 6.250% senior notes due 2033, totaling $1 billion, to repay debt and redeem NuStar Logistics' senior notes.
Capital raise
 
NYSE
100 days, 21 hours ago 
SUN
Sunoco Lp
8-K: Sunoco LP Announces Private Offering of Senior Notes and Acquisition of European Terminalling Assets
Sunoco LP is launching a private offering of senior notes to repay debt and is acquiring German and Polish terminalling assets to expand its operations.
Capital raise
 
NYSE
130 days, 11 hours ago 
SUN
Sunoco Lp
Form 4: Sunoco LP Executive Karl R. Fails Reports Acquisition of 25,000 Common Units
EVP & Chief Operations Officer of Sunoco LP, Karl R. Fails, reports the acquisition of 25,000 common units through a grant of restricted phantom units.
NYSE
130 days, 11 hours ago 
SUN
Sunoco Lp
Form 4: Sunoco LP CEO Joseph Kim Reports Acquisition of 50,000 Common Units
Sunoco LP's CEO, Joseph Kim, reports acquiring 50,000 common units and disposing of 10,000 common units held indirectly through a living trust.
SUN 
Sunoco Lp 
NYSE

8-K: Sunoco LP Announces Upsized $1 Billion Private Offering of Senior Notes

Sentiment:
 Debt Offering Announcement
 20 March 2025 5:03 PM

Sunoco LP has priced an upsized private offering of 6.250% senior notes due 2033, totaling $1 billion, to repay debt and redeem NuStar Logistics' senior notes.

Capital raise
  Sunoco LP is conducting a private offering of $1 billion in senior notes due 2033.  The offering was upsized from an initial $750 million.  The proceeds will be used to repay existing indebtedness. 

Summary
  • Sunoco LP announced the pricing of a private offering of senior notes.
  • The offering was upsized from an initial $750 million to $1 billion.
  • The notes have an interest rate of 6.250% and are due in 2033.
  • The sale is expected to settle on March 31, 2025, subject to customary closing conditions.
  • Sunoco intends to use the proceeds to repay indebtedness, including redeeming NuStar Logistics' 5.750% senior notes due 2025 and repaying a portion of borrowings under its revolving credit facility.
Sentiment

Score: 7

Explanation: The announcement is generally positive as it reflects Sunoco's ability to access the debt market and refinance existing obligations. The upsized offering indicates strong investor confidence. However, the reliance on debt financing also introduces financial risk.

Positives
  • The upsized offering suggests strong investor demand for Sunoco's debt.
  • Refinancing debt can improve Sunoco's financial flexibility and reduce interest expenses.
  • Redeeming the NuStar Logistics' senior notes simplifies Sunoco's debt structure.
Risks
  • The forward-looking statements are subject to risks and uncertainties detailed in Sunoco's SEC filings.
  • The offering is subject to customary closing conditions, which if not met, could prevent the sale from closing.
Future Outlook

The company intends to use the net proceeds from the offering to repay indebtedness, including by redeeming in full NuStar Logistics, L.P.'s 5.750% senior notes due 2025 and repaying a portion of the outstanding borrowings under Sunoco's revolving credit facility.

Industry Context

Energy infrastructure companies frequently use debt offerings to manage their capital structure and fund operations or acquisitions. Sunoco's offering is in line with this industry practice.

Comparison to Industry Standards
  • Other master limited partnerships (MLPs) like Enterprise Products Partners and Magellan Midstream Partners also utilize debt financing as part of their capital structure.
  • The interest rate of 6.250% on Sunoco's notes is within the typical range for senior notes issued by companies with similar credit ratings in the energy infrastructure sector.
  • The use of proceeds to refinance existing debt is a common strategy among MLPs to optimize their cost of capital.
Stakeholder Impact
  • Shareholders may benefit from improved financial flexibility and potentially lower interest expenses.
  • Creditors will be impacted by the refinancing of existing debt.
  • The redemption of NuStar Logistics' senior notes will affect the holders of those notes.
Next Steps
  • The sale of the notes is expected to settle on March 31, 2025, subject to customary closing conditions.
  • Sunoco will redeem the NuStar 2025 Notes on March 30, 2025.
Key Dates
  • March 20, 2025: Date of press release and 8-K filing.
  • March 30, 2025: Redemption Date for NuStar 2025 Notes.
  • March 31, 2025: Expected settlement date for the sale of the notes.
Keywords
Sunoco LP, senior notes, private offering, debt repayment, NuStar Logistics, redemption, Energy Transfer LP
SUN 
Sunoco Lp 
NYSE
Sector: Energy
 
Filings with Classifications
Better than expected
29 May 2025 7:00 AM
Merger Announcement
  • The transaction offers a 25% premium to Parkland shareholders based on recent trading prices.
  • It provides flexible consideration options, including immediate cash liquidity and participation in future upside via SunocoCorp units.
  • The deal is expected to generate significant annual run-rate synergies of US$250 million, indicating improved financial performance for the combined entity.
  • The creation of SunocoCorp offers a more tax-efficient structure for non-U.S. and institutional investors, enhancing shareholder value.
Capital raise
29 May 2025 7:00 AM
Merger Announcement
  • Committed bridge financing is in place for the cash portion of the acquisition.
Worse than expected
28 May 2025 9:29 PM
Acquisition Update
  • The unaudited pro forma net income attributable to limited partners for the full year ended December 31, 2024, shows a loss of $(262) million, which is a negative financial outcome for the combined entity.
Capital raise
28 May 2025 9:29 PM
Acquisition Update
  • Sunoco has secured a $2.65 billion 364-day bridge term loan to fund the cash consideration for the Parkland Acquisition.
  • In connection with the Parkland Acquisition, Sunoco would issue $1 billion in preferred units.
  • Sunoco would issue $1.7 billion in aggregate principal amount of senior notes for the Parkland Acquisition.
  • SunocoCorp (a wholly-owned subsidiary of SunocoCorp) is expected to issue 51,442,494 common units to Parkland shareholders as part of the acquisition consideration.
Capital raise
28 May 2025 9:25 PM
Acquisition Update
  • Sunoco has secured a $2.65 billion 364-day bridge term loan to fund the proposed cash consideration for the Parkland Acquisition.
  • In connection with the Parkland Acquisition, Sunoco would issue $1 billion in preferred units.
  • In connection with the Parkland Acquisition, Sunoco would issue $1.7 billion aggregate principal amount of senior notes.
Worse than expected
28 May 2025 9:25 PM
Acquisition Update
  • The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024, shows a net loss attributable to limited partners of $(262) million, which is a negative financial outcome for the combined entity on a pro forma basis.
  • The pro forma basic net income (loss) per limited partner unit for the year ended December 31, 2024, is also negative at $(1.40).
Worse than expected
8 May 2025 4:25 PM
Quarterly Report
  • Net income decreased compared to the same period last year, primarily due to increased operating expenses, depreciation, and interest expense.
Capital raise
8 May 2025 4:25 PM
Quarterly Report
  • Sunoco has secured a $2.65 billion 364-day bridge term loan for the proposed cash consideration of the Parkland acquisition.
  • The transaction is expected to be funded using cash on hand and amounts available under the Partnership's Credit Facility.
Capital raise
6 May 2025 8:50 AM
Merger Announcement
  • The $2.6 billion cash consideration is supported by a fully committed bridge facility.
  • Sunoco expects to permanently finance this through a combination of senior notes and preferred equity prior to close.
  • The transaction includes the creation of SUNCorp, a new publicly traded vehicle, to support growth and attract a new investor base.
Better than expected
6 May 2025 7:12 AM
Earnings Release
  • Adjusted EBITDA and Distributable Cash Flow were significantly higher than the same quarter last year.
Capital raise
5 May 2025 9:45 PM
Merger Announcement
  • Sunoco has secured debt financing commitments of $7.55 billion to fund the acquisition.
  • The transaction involves the issuance of new SUNCorp Units to Parkland shareholders.
Delay expected
5 May 2025 9:43 PM
Merger Announcement
  • The Effective Time does not occur on or prior to February 4, 2026, or such later date as may be agreed to in writing by the parties (the Outside Date ) (provided that the Outside Date may be extended by either party for 90 days following February 4, 2026 if certain required regulatory approvals have not yet been obtained).
Capital raise
5 May 2025 9:21 AM
Merger Announcement
  • Sunoco has secured a $2.65 billion 364-day bridge term loan for the proposed cash consideration.
  • The bridge loan is expected to be permanently financed through a combination of senior notes and a preferred equity offering prior to closing.
Capital raise
5 May 2025 8:36 AM
Merger Announcement
  • Sunoco has secured a $2.65 billion 364-day bridge term loan for the proposed cash consideration.
  • The bridge facility is expected to be permanently financed through a combination of senior notes and a preferred equity offering prior to closing.
Capital raise
20 March 2025 5:03 PM
Debt Offering Announcement
  • Sunoco LP is conducting a private offering of $1 billion in senior notes due 2033.
  • The offering was upsized from an initial $750 million.
  • The proceeds will be used to repay existing indebtedness.
Capital raise
20 March 2025 8:06 AM
Current Report on Form 8-K
  • Sunoco LP announced a private offering of $750 million in senior notes due 2033.
  • The company intends to use the net proceeds from the offering to repay indebtedness, including redeeming in full NuStar Logistics, L.P.'s 5.750% senior notes due 2025 and repaying a portion of the outstanding borrowings under Sunoco's revolving credit facility.
  • The Notes Offering is not conditioned on the consummation of the acquisition of the German and Polish terminalling assets.
Capital raise
14 February 2025 1:59 PM
Annual Results
  • The company has the ability to further incur additional debt under its Credit Facility and the indentures governing its senior notes.
  • The company may issue debt or equity securities prior to that time as it deems prudent to provide liquidity for new capital projects or other partnership purposes.
Better than expected
11 February 2025 7:21 AM
Earnings Release
  • The company's net income, Adjusted EBITDA, and Distributable Cash Flow all significantly increased compared to the previous year.
  • The company is targeting a distribution growth rate of at least 5% for 2025, indicating confidence in future performance.
  • The company anticipates strong Adjusted EBITDA growth in 2025.
Better than expected
27 January 2025 7:18 AM
Distribution Announcement
  • The company announced a 1.25% increase in the quarterly distribution, which is better than the previous quarter.
  • The company also announced a target of at least 5% distribution growth for 2025, which is a positive outlook for investors.
Worse than expected
7 November 2024 12:04 PM
Quarterly Report
  • The company's net income decreased significantly due to unfavorable inventory valuation adjustments and increased expenses, indicating worse than expected results.
Worse than expected
6 November 2024 8:04 AM
Quarterly Report
  • The net income decreased significantly from $272 million to $2 million year-over-year, indicating a substantial decline in profitability despite improvements in other areas.
Better than expected
8 August 2024 11:59 AM
Quarterly Report
  • The company's net income and adjusted EBITDA were significantly better than the same period last year due to the gain on the West Texas sale and the positive impact of acquisitions.
Capital raise
8 August 2024 11:59 AM
Quarterly Report
  • Sunoco issued $1.5 billion in senior notes in April 2024 to fund the NuStar acquisition and related transactions.
  • The company may issue debt or equity securities prior to the end of 2024 as deemed prudent to provide liquidity for new capital projects or other partnership purposes.
Better than expected
7 August 2024 7:36 AM
Quarterly Report
  • The company reported a record net income of $501 million, significantly higher than the $87 million reported in the same quarter last year.
  • Adjusted EBITDA, excluding transaction-related expenses, was $400 million, exceeding the $250 million reported in the same quarter last year.
  • Distributable Cash Flow, as adjusted, was $295 million, up from $175 million in the prior year's second quarter.
Capital raise
9 May 2024 11:56 AM
Quarterly Report
  • The Partnership issued $750 million of 7.000% senior notes due 2029 and $750 million of 7.250% senior notes due 2032 in a private offering on April 30, 2024.
  • The net proceeds from the offering were used to repay NuStar's debt, fund the redemption of NuStar's preferred units, and pay offering fees and expenses in connection with the merger.
Better than expected
9 May 2024 11:56 AM
Quarterly Report
  • Net income and Adjusted EBITDA both increased year-over-year, indicating better than expected financial performance.
  • The company's motor fuel sales volume increased by 9%, demonstrating strong operational performance.
Capital raise
8 May 2024 7:27 AM
Quarterly Report
  • The company issued $1.5 billion in unsecured notes on April 30, 2024.
  • The proceeds from this offering will be used to fund the repayment of NuStar's credit and receivables facilities, and redeem NuStar's preferred equity and subordinated notes.
Better than expected
8 May 2024 7:27 AM
Quarterly Report
  • The company reported a record first quarter net income of $230 million, significantly higher than the $141 million reported in the same period last year.
  • Adjusted EBITDA for the quarter was $242 million, up from $221 million in the first quarter of 2023.
  • The company increased its full-year Adjusted EBITDA guidance to $1.46 billion to $1.52 billion.
Better than expected
3 May 2024 4:45 PM
Merger Announcement
  • The acquisition is expected to be immediately accretive to distributable cash flow per LP unit, growing to greater than 10% accretion by the third year following close.
  • The company also expects to realize at least $150 million of expense and commercial synergies and at least $50 million per year of additional cash flow from refinancing activity.
Capital raise
30 April 2024 4:47 PM
Debt Offering Announcement
  • Sunoco LP completed a private offering of $1.5 billion in senior notes.
  • The offering included $750 million in 7.000% Senior Notes due 2029 and $750 million in 7.250% Senior Notes due 2032.
  • Net proceeds were approximately $1.485 billion after deducting discounts and commissions.
  • The funds will be used to repay NuStar Energy debt, redeem NuStar's preferred units, and cover offering expenses related to the merger.
Capital raise
30 April 2024 4:45 PM
Debt Offering Announcement
  • Sunoco LP completed a private offering of $1.5 billion in senior notes.
  • The net proceeds will be used to repay NuStar's debt, redeem NuStar's preferred units, and cover offering expenses.
Capital raise
16 April 2024 7:06 PM
Debt Offering Announcement
  • Sunoco LP has priced a private offering of $1.5 billion in senior notes.
  • The offering includes $750 million of 7.000% senior notes due 2029 and $750 million of 7.250% senior notes due 2032.
  • The proceeds will be used to refinance debt and redeem preferred units of NuStar Energy in connection with the pending merger.
Capital raise
16 April 2024 6:59 PM
Debt Offering Announcement
  • Sunoco has priced a private offering of $1.5 billion in senior notes.
  • The offering is split into $750 million of 7.000% notes due 2029 and $750 million of 7.250% notes due 2032.
  • The proceeds will be used to refinance NuStar's debt and preferred units, and to fund the merger.
Capital raise
16 April 2024 8:36 AM
Current Report on Form 8-K
  • Sunoco is conducting a private offering of $1.5 billion in senior notes due 2029 and 2032.
  • The proceeds will be used to repay NuStar Energy's debt, fund the redemption of NuStar's preferred units, and pay offering fees and expenses related to the pending merger.
  • The offering is not contingent on the completion of the NuStar Merger.
Capital raise
16 April 2024 8:34 AM
Debt Offering Announcement
  • Sunoco is conducting a private offering of $1.5 billion in senior notes.
  • The notes are split into $750 million due in 2029 and $750 million due in 2032.
Capital raise
16 February 2024 12:21 PM
Partnership Agreement Details
  • The partnership agreement authorizes the issuance of an unlimited number of additional partnership interests without unitholder approval.
  • The document mentions that the partnership may fund acquisitions through the issuance of additional common units or other partnership interests.
Worse than expected
14 February 2024 9:43 AM
Quarterly Report
  • The company reported a net loss for the fourth quarter of 2023, compared to a net income in the same period of 2022.
  • The company's net income for the full year 2023 decreased compared to 2022.
Capital raise
22 January 2024 5:26 PM
Merger Announcement
  • Sunoco has secured a $1.6 billion 364-day bridge term loan to refinance NuStar's existing debt.
  • The transaction is an all-equity deal, with NuStar unitholders receiving Sunoco units.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.