SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 21, 2005
Commission File Number: 1-14222
SUBURBAN PROPANE PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
Delaware 22-3410353
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
240 Route 10 West
Whippany, New Jersey 07981
(973) 887-5300
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01. REGULATION FD DISCLOSURE
On March 18, 2005, Suburban Propane Partners, L.P. (the "Partnership"), issued a
press release (the "Press Release") announcing that it has priced its
previously-announced add-on private offering of senior notes and that it had
entered into an amendment (the "Amendment") to its existing bank credit facility
to provide, among other things, for the availability of a new five-year $125
million term loan
facility. Concurrently with the pricing and the Amendment, the Partnership
delivered an irrevocable prepayment notice to the holders of $340 million
outstanding senior notes of its direct subsidiary, Suburban Propane, L.P. (the
"Operating Partnership"). A copy of the Press Release has been furnished as
Exhibit 99.1 to this Current Report.
The Partnership intends to use approximately $248 million of expected net
proceeds from the offering of the $250 million in senior notes, together with
the $125 million in borrowings under the new term loan facility and cash on
hand, as necessary, to redeem all of the outstanding aggregate principal amount
under the Operating Partnership's 7.54% senior notes due 2011 and the 7.37%
senior notes due 2012, including accrued interest and prepayment premiums. The
prepayment premium will be calculated based, in part, on the U.S. Treasury Rate
on March 29, 2005. Applying U.S. Treasury Rates as of March 17, 2005, the
estimated prepayment premium would be $33.6 million. Under the computation
methodology, as U.S. Treasury Rates increase the prepayment premium will
decline. Closing of the $250 million senior notes offering and the availability
under the new term loan facility are subject to customary closing conditions
and, together with the optional redemption and the prepayment premium, is
scheduled to occur on March 31, 2005. Estimated fees and expenses associated
with the foregoing are $2.7 million.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press Release of Suburban Propane Partners, L.P. dated March 18,
2005, announcing that it has priced its previously-announced
add-on private offering of senior notes and issued an irrevocable
prepayment notice to the holders of $340 million outstanding
senior notes of its direct subsidiary, Suburban Propane, L.P.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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March 21, 2005 SUBURBAN PROPANE PARTNERS, L.P.
By: /s/ Janice G. Sokol
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Name: Janice G. Sokol
Title: Vice President, General Counsel
and Secretary
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EXHIBITS
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Exhibit No. Exhibit
99.1 Press Release of Suburban Propane Partners, L.P. dated
March 18, 2005, announcing that it has priced its
previously-announced add-on private offering of senior notes
and issued an irrevocable prepayment notice to the holders
of $340 million outstanding senior notes of its direct
subsidiary, Suburban Propane, L.P.
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