Suburban Propane refinances $500M credit facility, extends maturity to 2029

SUBURBAN PROPANE PARTNERS LP

New $500M revolving credit facility executed March 15, 2024, matures March 15, 2029 (or 91 days before 2027 notes).
Existing $187.9M borrowings rolled into new facility; ability to increase total size to $850M.
Financial covenants maintained: interest coverage >=2.50x, total leverage <=5.75x, senior secured leverage <=3.25x.
Bank syndication includes Bank of America, Wells Fargo, JP Morgan, Citizens, Capital One, M&T, HSBC, CoBank.
Refinancing extends maturity from March 2025, providing enhanced financial flexibility for strategic growth.

item 1.01 item 1.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SUBURBAN PROPANE PARTNERS LP amended Fourth Amended and Restated Credit Agreement with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and the other lenders named therein valued at $500 million (effective 2024-03-15).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and the other lenders named therein
Value: $500 million
Effective: 2024-03-15

Exact text from the filing

On March 15, 2024, Suburban Propane Partners, L.P. (the “Partnership”) and Suburban Propane, L.P., a wholly-owned subsidiary of the Partnership (the “Operating Partnership”), entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer and the other lenders named therein (collectively, the “Lenders”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SUBURBAN PROPANE PARTNERS LP terminated Third Amended and Restated Credit Agreement with Bank of America, N.A. (effective 2024-03-15).

Action: termination
Agreement: credit facility
Counterparty: Bank of America, N.A.
Effective: 2024-03-15

Exact text from the filing

The Credit Agreement amends and restates the Operating Partnership’s Third Amended and Restated Credit Agreement with Bank of America, N.A. dated as of March 5, 2020

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556 material agreements filed in the last 30 days. Browse all material agreements →

SUBURBAN PROPANE PARTNERS LP filing history →

Source: SEC EDGAR

accession 0001193125-24-069719

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