ETP fuels up on subsidiary dropdown

摘要

Energy Transfer Partners has completed the dropdown sale of retail fuels business Susser Holdings for US$1.94bn to subsidiary Sunoco LP. The acquisition cost is to be met with US$970m in cash and 22m Sunoco shares, valued in the deal at US$970m, with the cash component dealt with last week. Sunoco placed 5.5m new shares and an upsized US$600m five-year note offering (See Bonds).