Cahill Represents Initial Purchasers in a $1.5 Billion Notes Offering for Sunoco LP
Date: 04/30/24
Cahill represented the initial purchasers in connection with a Rule 144A and Regulation S offering of $750,000,000 aggregate principal amount of 7.000% senior notes due 2029 and $750,000,000 aggregate principal amount of 7.250% senior notes due 2032 by Sunoco LP (“Sunoco”). Proceeds from the offering were used to (i) repay certain outstanding indebtedness of NuStar Energy L.P., a Delaware limited partnership (“NuStar”), in connection with the merger between Sunoco and NuStar (the “NuStar Merger”) and (ii) fund the redemption of NuStar’s preferred units in connection with the NuStar Merger. Sunoco LP (NYSE: SUN) is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories as well as refined product transportation and terminalling assets in the U.S. and Europe.