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Suburban Propane Partners, L.P. (NYSE: SPH), headquartered in Whippany, New Jersey, is a leading nationwide marketer and distributor of propane, renewable propane, fuel oil, and other refined fuels. The company has been serving the energy needs of approximately 1 million residential, commercial, governmental, industrial, and agricultural customers through about 700 locations across 42 states since 1928.
Core Business: Suburban Propane specializes in providing propane, fuel oil, and refined fuels, along with marketing natural gas and electricity in deregulated markets such as New York and Pennsylvania. The company operates in three main segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity, with the Propane segment generating the maximum revenue.
Products and Services: Propane, known for its clean-burning properties, is used in residential and commercial markets for space heating, water heating, cooking, and clothes drying. Additionally, industrial customers utilize propane as a motor fuel, for powering engines, and in various process applications. In the agricultural sector, propane serves crucial functions such as tobacco curing, crop drying, and poultry brooding. Suburban Propane also sells, installs, and services heating systems, air conditioning units, and other energy-related equipment.
Environmental Commitment: As part of its commitment to a green energy future, Suburban Propane markets renewable propane and invests in low carbon fuel alternatives. The company's
On May 24, 2021, Suburban Propane Partners, L.P. (NYSE:SPH) completed a private offering of $650 million in 5.000% Senior Notes due 2031. The net proceeds of approximately $639.9 million will refinance existing 5.500% and 5.750% Senior Notes. As of May 21, 2021, 69.54% and 67.59% of the 2024 and 2025 Senior Notes, respectively, have been tendered. Holders of accepted notes will receive cash payments today, with redemption for remaining notes scheduled on May 27 and June 1, 2021.
Suburban Propane Partners, L.P. (NYSE: SPH) hosted a pizza party for 400 students and staff at the Boys & Girls Clubs of Sonoma-Marin in Santa Rosa, CA, celebrating their efforts during challenging times. This event, part of SuburbanCares, reflects the company's commitment to community support. Suburban Propane also contributed to various initiatives, including healthcare support during COVID-19 and a recent donation to Santa Rosa's reforestation project. The company's ongoing efforts demonstrate its dedication to giving back to local communities across the United States.
Suburban Propane Partners, L.P. (NYSE:SPH) held its 2021 Tri-Annual Meeting of Unitholders on May 18, 2021. All seven nominees proposed by the Board were re-elected for a three-year term. Key approvals included the appointment of PricewaterhouseCoopers LLP as the independent accounting firm for the 2021 fiscal year, an Amended and Restated 2018 Restricted Unit Plan, and an advisory resolution on executive compensation. A detailed voting report is available on Suburban Propane's website. The company services over 1 million customers across 41 states.
Suburban Propane Partners, L.P. (NYSE: SPH) has priced a $650 million offering of 5.00% senior notes due 2031 in a private placement. The offering is set to close on May 24, 2021. The notes will mature on June 1, 2031, with interest payable semi-annually. Proceeds will be used to refinance $525 million of 5.50% senior notes due 2024 and $250 million of 5.75% senior notes due 2025, through a cash tender offer launched on May 10, 2021. The notes are being offered only to qualified institutional buyers and not registered under the Securities Act.
Suburban Propane Partners, L.P. (NYSE:SPH) announced a cash tender offer and consent solicitation for its 5.50% Senior Notes due 2024 and 5.750% Senior Notes due 2025, totaling $775 million. The offer expires on June 7, 2021, with a consent deadline on May 21, 2021. Validly tendered notes will receive up to $1,012.00 for the 2024 notes and $1,020.42 for the 2025 notes, including a consent payment. The company plans to finance the purchase with proceeds from a new senior notes offering of $650 million due 2031, alongside cash and credit facility resources.
Suburban Propane Partners, L.P. (NYSE:SPH) announced plans to offer $650,000,000 of senior notes due 2031 in a private placement. The proceeds will be used to refinance outstanding 5.50% senior notes due 2024 and 5.75% notes due 2025, totaling $775,000,000. The offering is intended for qualified institutional buyers and will not be registered under the Securities Act. The company also launched a cash tender offer for existing senior notes. This strategic move aims to optimize financial conditions and manage debt more effectively.
Suburban Propane Partners, L.P. (NYSE:SPH) reported a strong second quarter fiscal 2021, with net income rising to $127.2 million ($2.03 per Common Unit) from $77.4 million ($1.24 per Common Unit) year-over-year. Adjusted EBITDA increased 31.7% to $172.0 million. Propane volumes sold surged by 16%, driven by cold weather and improving economic conditions. Revenues reached $537.2 million, up 34%. The company reduced debt by nearly $70 million, enhancing its balance sheet. A quarterly distribution of $0.30 per Common Unit was declared, payable on May 11, 2021.
Suburban Propane Partners, L.P. (NYSE: SPH) donated 500 Spanish-language books and over 100 educational toys to Growing Up New Mexico in Santa Fe, NM, commemorated as 'Suburban Propane Day' by Mayor Alan Webber. The donation aims to support early development for children in underserved communities. This initiative is part of Suburban Propane's SuburbanCares platform, reflecting its commitment to community support across several U.S. locations. The company's dedication to social responsibility emphasizes its role in enhancing children's education and development.
Suburban Propane Partners, L.P. (NYSE:SPH) announced a quarterly distribution of $0.30 per Common Unit for the period ending March 27, 2021. This results in an annualized distribution rate of $1.20 per Common Unit. The payment date is set for May 11, 2021, available to unitholders of record as of May 4, 2021. Nominees are informed about a withholding requirement for foreign partners according to IRS Section 1446. Suburban Propane operates across 41 states, providing diverse energy solutions since 1928.
Suburban Propane Partners, L.P. (NYSE:SPH) announced its Fiscal 2021 Second Quarter Results Conference Call scheduled for May 6, 2021, at 9:00 AM Eastern Time. Interested parties can access the call online or via telephone. The conference will cover the company's quarterly results and business outlook. A replay will be available from noon on the same day until midnight on May 13, 2021. Suburban Propane, a distributor of propane and related products, serves over 1 million customers across 41 states.
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