Suburban Propane Partners, L.P. Declares Quarterly Distribution of $0.325 per Common Unit

Rhea-AI Summary

On July 21, 2022, Suburban Propane Partners, L.P. (NYSE: SPH) declared a quarterly distribution of $0.325 per Common Unit for the three months ending June 25, 2022. This results in an annualized rate of $1.30 per unit, payable on August 9, 2022, to unitholders on record as of August 2, 2022. Notably, foreign partners should adhere to a withholding requirement at the highest effective tax rates under Section 1446 of the Internal Revenue Code. Suburban Propane, established in 1928, services nearly 1 million customers across 700 locations in 42 states, focusing on propane and renewable energy products.

Positive

• Quarterly distribution of $0.325 per Common Unit announced, leading to an annualized rate of $1.30.
• Continued strong legacy in customer service since 1928, serving approximately 1 million customers.

Negative

• Advisory of withholding requirement for foreign partners under Section 1446 may pose complications for international investors.

WHIPPANY, N.J., July 21, 2022 /PRNewswire/ -- Suburban Propane Partners, L.P. (NYSE:SPH), today announced that its Board of Supervisors declared a quarterly distribution of $0.325 per Common Unit for the three months ended June 25, 2022. This quarterly distribution rate equates to an annualized rate of $1.30 per Common Unit. The distribution is payable on August 9, 2022 to Common Unitholders of record as of August  2, 2022.

Nominees are hereby notified that there is a withholding requirement at the highest applicable effective tax rates for foreign partners from the cash distribution under Section 1446 of the Internal Revenue Code.

About Suburban Propane Partners, L.P.
Suburban Propane Partners, L.P. ("Suburban Propane") is a publicly traded master limited partnership listed on the New York Stock Exchange.  Headquartered in Whippany, New Jersey, Suburban Propane has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity and an investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 700 locations across 42 states.  Suburban Propane is supported by three core pillars: (1) Suburban Commitment – showcasing Suburban Propane's 90+ year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores Suburban Propane's commitment to excellence in customer service; (2) SuburbanCares – highlighting continued dedication to giving back to local communities across Suburban Propane's national footprint and (3) Go Green with Suburban Propane - promoting the clean burning and versatile nature of propane and renewable propane as a bridge to a green energy future and developing the next generation of renewable energy.  For additional information on Suburban Propane, please visit www.suburbanpropane.com.

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SOURCE Suburban Propane Partners, L.P.

FAQ

What is the quarterly distribution declared by Suburban Propane Partners, L.P. for July 2022?

Suburban Propane Partners, L.P. declared a quarterly distribution of $0.325 per Common Unit.

When will the distribution be payable to unitholders?

The distribution will be payable on August 9, 2022, to unitholders of record as of August 2, 2022.

What is the annualized distribution rate per Common Unit announced by SPH?

The annualized distribution rate is $1.30 per Common Unit.

What tax implications are there for foreign partners receiving distributions from SPH?

Foreign partners are subject to a withholding requirement at the highest applicable effective tax rates under Section 1446 of the Internal Revenue Code.