Energy Transfer Partners, Sunoco Announce $1.94 Bln Dropdown Of Susser Holdings –

Energy Transfer Partners, L.P. (ETP) and Sunoco LP (SUN) Wednesday reported the dropdown of 100 percent of Susser Holdings Corp. or SHC for $1.94 billion. Additionally, there will be an exchange for 11 million SUN units owned by SHC for another 11 million new SUN units to a subsidiary of ETP.

For the SHC dropdown, SUN will pay to ETP $970 million in cash and issue 22 million SUN units valued at $970 million based on the five-day volume-weighted average price of SUN’s common units as of July 14.

Pro forma for this transaction, ETP will remain the largest unitholder of SUN. The transaction is expected to close on August 1.


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