Sunoco Logistics launches public offering
Sunoco Logistics Partners L.P. of Philadelphia on Tuesday launched a public offering of 7.7 million common units that would generate about $385 million at the partnership's closing Tuesday price of $49.96 per unit.
Sunoco Logistics Partners L.P. of Philadelphia on Tuesday launched a public offering of 7.7 million common units that would generate about $385 million at the partnership's closing Tuesday price of $49.96 per unit.
The company, which operates a network of oil and gas pipelines and terminals, intends to use the proceeds to repay outstanding debt under its $1.5 billion revolving credit facility and for general partnership purposes.
Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., Jefferies, J.P. Morgan, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities are acting as the joint book-running managers for the offering. The underwriters have an option to purchase up to 1.16 million additional common units.
In after-hours trading, company shares were down $1.96, or 3.9 percent, $48.00.
- Andrew Maykuth