SEC Filing Summary: Susser Petroleum Partners LP (8-K)
Business Context and Reporting Period
This Form 8-K Current Report was filed on December 18, 2013, regarding events occurring on December 17, 2013. The registrant, Susser Petroleum Partners LP (noted in the metadata as Sunoco LP), is a Delaware limited partnership headquartered in Houston, Texas. The filing primarily addresses a material amendment to the company's existing credit facilities.
Key Financial Metrics and Debt Structure
The filing details a significant restructuring of the company's Revolving Credit Facility. Key metrics include:
- Revolving Credit Facility Commitment: Increased from $250 million to $400 million.
- Expansion Option: The partnership retains the ability to increase the facility by an additional $100 million upon written request, subject to conditions.
- Swing Line Sublimit: Increased from $25 million to $40 million.
- Administrative Agent: Bank of America, N.A.
- Revenue, Profit, and Cash Flow: The filing text does not provide specific values for revenue, profit, cash flow, or operating margins.
Material Changes Versus Prior Period
The primary material change is the execution of Amendment No. 1 and Joinder to the Credit Agreement dated September 25, 2012. This amendment:
- Expanded total borrowing capacity by $150 million.
- Reallocated commitments among existing lenders and introduced new lenders to the facility.
- Enhanced liquidity flexibility through the increased swing line sublimit.
Guidance, Outlook, and Risks
The filing includes a Regulation FD disclosure referencing a news release issued on December 17, 2013, which is attached as Exhibit 99.1. The text of the 8-K itself does not contain specific forward-looking guidance, management commentary on future performance, or a detailed discussion of risks and contingencies beyond the description of the credit agreement amendment. No unusual items were reported in the text of this filing.
Investor Verification Checklist
- Verify the terms of the news release (Exhibit 99.1) for specific details on interest rates, fees, and covenants associated with the amended credit facility.
- Confirm the identity of the new lenders added to the facility through the reallocation of commitments.
- Review the company's most recent 10-Q or 10-K for current utilization rates of the credit facility and overall leverage ratios.
- Check for any subsequent filings regarding the exercise of the $100 million accordion expansion option.