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Latham & Watkins Advises Sunoco LP in Upsizing and Pricing of Private Offering of Senior Notes

November 10, 2020
Houston-based team assists direct subsidiary of Sunoco in upsizing and pricing.

Sunoco LP announced that it has priced at 100% an upsized private offering of $800 million in aggregate principal amount of 4.500% senior notes due 2029. Sunoco Finance Corp., a wholly owned direct subsidiary of Sunoco, will serve as co-issuer of the notes. The sale of the notes is expected to settle on November 24, 2020, subject to the satisfaction of customary closing conditions. Sunoco intends to use the net proceeds from the offering and borrowings under its revolving credit facility to fund the separately announced tender offer for any and all of its outstanding 4.875% senior notes due 2023 (the "2023 notes") and, if applicable, a partial redemption of the 2023 notes.

Latham & Watkins LLP advised Sunoco in the transaction with a Houston-based corporate deal team led by partner Bill Finnegan with associates Kevin Richardson, Erin Lee, Kate Wang and Ricky Alvarado.