Thu, Nov. 19, 10:44 AM
- Sunoco LP (SUN +2.2%) upgraded to Outperform from Neutral with a $57 price target, raised from $49, at Credit Suisse after a final $2.3B dropdown of Energy Transfer Partners’ combined 68% ownership of SUN's wholesale motor fuel business, along with 100% of the retail motor fuels and convenience stores business.
- The final dropdown came in larger than expected and well head of management's year-end 2016 time frame, Credit Suisse says, adding that the transaction takes SUN’s pro-forma recurring EBITDA to $750M from $500M, while management expects EBITDA growth of 6%-7% going forward.
- The firm says the deal structure removes the equity overhang which had plagued SUN units, and no further equity needs are expected in 2016.
Mon, Nov. 16, 7:30 AM
- Energy Transfer Partners (NYSE:ETP) agrees to sell its 68.4% stake in convenience store operator Sunoco LLC to Sunoco LP (NYSE:SUN) for ~$2.23B.
- SUN will pay ETP ~$2.2 billion in cash and issue ~5.7M common units valued at ~$194M.
- ETP will remain the largest unitholder of the retail business after the dropdown, with a ~46% interest.
Wed, Nov. 4, 10:14 PM
Tue, Nov. 3, 5:35 PM
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Wed, Sep. 30, 8:54 PM
- A new report from corporate bond research firm Gimme Credit points to one more reason investors may have reacted so negatively to Energy Transfer Equity's (NYSE:ETE) takeover of Williams Cos. (NYSE:WMB): The Energy Transfer family is getting too big and too complex.
- If approved by shareholders, ETE would form a new partnership, Energy Transfer Corp., which will be treated as a C-corp and merge with WMB; at closing next year, ETE and ETC would be “holdcos" for four publicly-traded MLPs - WPZ, ETP, SXL and SUN.
- ETE says it is committed to the multi-entity structure "despite the concern that ETE entities (combined) are trading at a discount to a simplified" Kinder Morgan (NYSE:KMI), Gimme Credit says.
- ETE, WMB and WPZ all bounced sharply higher in today's trading, but each still has dropped more than 10% since the announcement.
Wed, Aug. 5, 5:10 PM
Thu, Jul. 23, 6:20 PM
- July is shaping up to be one of the worst months for MLPs in years amid cratering energy prices, but with average yields hitting 7%, J.P. Morgan analysts say the selloff is getting overdone.
- The JPM team highlights four high-quality names as oversold: Plains All American Pipeline (NYSE:PAA), Plains GP Holdings (NYSE:PAGP), Energy Transfer Partners (NYSE:ETP) and Sunoco (NYSE:SUN).
- The analysts also like Valero Energy Partners (NYSE:VLP), Phillips 66 Partners (NYSE:PSXP), NuStar Energy (NYSE:NS) and Macquarie Infrastructure (NYSE:MIC).
Wed, Jul. 15, 10:49 AM
- Sunoco (SUN -6.3%) announces a public offering of 5.5M common units, with an underwriters option to purchase up to an additional 825K units, and a private offering of $500M of senior notes due 2020.
- SUN says it plans to use the proceeds from the offerings to fund the cash portion of its acquisition of all issued and outstanding shares of Susser Holdings from Energy Transfer Partners.
Wed, Jul. 15, 8:25 AM
- Energy Transfer Partners (NYSE:ETP) agrees to sell convenience store operator Susser Holdings for ~$1.94B to its Sunoco LP (NYSE:SUN) unit.
- SUN will pay ~$970M in cash and issue ~22 million of its units valued at ~$970M as of yesterday's close.
- SUSS operates convenience stores in Texas, New Mexico and Oklahoma under the Stripes brand.
- ETP also will transfer GP interests and incentive distribution rights in SUN to Energy Transfer Equity (NYSE:ETE) in exchange for 21M of its shares currently held by ETE.
Thu, May 28, 6:19 PM
- Morgan Stanley’s MLP analysts initiate coverage of eight major dropdown MLPs, citing attractive attributes such as high-quality asset bases, magnitude and sustainability of growth, and strong and supportive sponsorship.
- Lead analyst Brian Lasky's top pick in the group is Dominion Midstream Partners (NYSE:DM), which he says warrants a premium valuation to midstream industry and sponsor-backed dropdown peers based on its top-tier distribution growth rate, strong sponsor commitment, depth of inventory, and - most important - strategic asset positioning, with an ability to replenish its inventory.
- Lasky says these MLPs and their sponsors also have surprised to the upside, positioning the companies for attractive growth and visibility: AM, CNNX, CPPL, EQM, SUN, TLLP, VLP.
Thu, May 7, 8:38 AM
Thu, May 7, 1:11 AM
Mon, Mar. 23, 11:18 AM
- Sunoco (SUN +1.1%) reaches a deal in which Energy Transfer Partners (ETP +0.1%) will drop down a second portion of ETP’s retail business to SUN in an $816M deal, which includes a 31.58% equity interest in the retail business that distributes ~5.3B gallons/year of motor fuel to much of the U.S.
- SUN will pay $775M in cash and issue $40.8M of its common units to ETP; to fund the cash portion of the transaction, SUN is offering $800M of senior notes.
- SUN says the deal gives it new exposure to customers in 26 states in the east, southeast and midwest U.S. and will complement its current base of wholesale customers in the southwest and Hawaii.
Wed, Feb. 18, 10:38 PM
Tue, Feb. 17, 5:35 PM
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Mon, Feb. 2, 4:42 PM
Sunoco LP is engaged in fee-based wholesale distribution of motor fuels to Susser & third parties. It is also engaged in retail sale of motor fuel. It operates in regions including Texas, Oklahoma, Louisiana, Kansas, Maryland, Virginia, Georgia & Hawaii.
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