Business Context and Reporting Period
This Form 8-K was filed by Suburban Propane Partners, L.P. on March 19, 2004. The report discloses a private placement of debt securities that occurred on December 23, 2003, and provides unaudited financial data for Agway Energy Group as of September 30, 2003, and pro forma operating data for the three-month period ended December 27, 2003.
Key Financial Metrics
- Debt Issuance: $175,000,000 aggregate principal amount of 6 7/8% Senior Notes due 2013.
- Issuers: Suburban Propane Partners, L.P. and its wholly-owned subsidiary, Suburban Energy Finance Corp.
- Revenue and Profit: The filing text does not provide specific revenue, profit, or cash flow figures for Suburban Propane Partners, L.P. in this report. It references unaudited condensed combined financial statements for Agway Energy Group (Exhibit 99.1) and pro forma statements (Exhibit 99.2) but does not list the specific values within the body of this text.
- Liquidity and Margins: No specific liquidity ratios or margin percentages are disclosed in the text of this filing.
Material Changes
The primary material change reported is the issuance of $175 million in Senior Notes. This transaction alters the company's capital structure and debt obligations. The filing also introduces unaudited financial statements for Agway Energy Group to facilitate obligations under an exchange and registration rights agreement related to the note placement.
Guidance, Outlook, and Risks
The filing explicitly states that the unaudited pro forma condensed combined statement of operations does not purport to represent actual results of operations for the combined companies on the indicated date, nor does it project future results. Consequently, no forward-looking guidance or outlook is provided in this document. The filing notes that the information, including exhibits, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference into other registration statements unless specifically identified.
Investor Verification Checklist
- Verify the specific financial performance metrics (revenue, EBITDA, cash flow) for Agway Energy Group in Exhibit 99.1.
- Review the pro forma combined statement of operations in Exhibit 99.2 to understand the projected impact of the Agway Energy Group integration.
- Confirm the terms of the exchange and registration rights agreement associated with the $175 million Senior Notes.
- Assess the impact of the new 6 7/8% Senior Notes due 2013 on the company's overall debt service obligations and leverage ratios.