Exhibit 99.1
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 | | News Release Contact: Michael A. Kuglin Chief Financial Officer P.O. Box 206, Whippany, NJ 07981-0206 Phone: 973.503.9252 |
FOR IMMEDIATE RELEASE
Suburban Propane Partners, L.P.
Announces Pricing of Private Offering of Senior Notes
Whippany, New Jersey, December 8, 2025 — Suburban Propane Partners, L.P. (NYSE:SPH) (“Suburban Propane”), announced today the pricing of its offering of $350,000,000 aggregate principal amount of 6.500% senior notes due 2035 (the “2035 Senior Notes”) in a private placement not registered under the Securities Act of 1933, as amended (the “Securities Act”), at par. Suburban Energy Finance Corp., a wholly-owned direct subsidiary of Suburban Propane (together with Suburban Propane, the “Issuers”), is the co-issuer of the 2035 Senior Notes. The sale of the 2035 Senior Notes is expected to close on December 22, 2025, subject to customary closing conditions.
The 2035 Senior Notes will bear interest at a rate of 6.500% per year and mature on December 15, 2035. Interest on the notes will be payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2026. Before December 15, 2028, Suburban Propane may redeem up to 35% of the aggregate principal amount of outstanding 2035 Senior Notes with the net proceeds from certain offerings of its common units at a redemption price equal to 106.500% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. On or after December 15, 2030, Suburban Propane may redeem the 2035 Senior Notes subject to applicable redemption premiums. In addition, prior to December 15, 2030, Suburban Propane may redeem the 2035 Senior Notes at a “make whole” premium plus accrued and unpaid interest.
Suburban Propane intends to use the net proceeds from the offering, together with borrowings under its revolving credit facility, to redeem all the outstanding $350,000,000 aggregate principal amount of the Issuers’ 5.875% senior notes due 2027.
The 2035 Senior Notes are being offered only (1) in the United States to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act; and (2) outside the United States to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The 2035 Senior Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to, or for the benefit of U.S. persons, except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any securities. Any offers of the 2035 Senior Notes are being made only by means of a private offering memorandum.
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, renewable natural gas, fuel oil and related products and services, as well as a marketer of natural gas and electricity and producer of and investor in low carbon fuel alternatives, servicing the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 750 locations across 42 states.
