The Firm recently completed its representation of Evercore Group L.L.C. and Citigroup Global Markets Inc., as dealer managers, in connection with private exchange offers and related consent solicitations conducted by Suburban Propane Partners, L.P. and its subsidiary Suburban Energy Finance Corp. for any and all of the $600 million principal amount of 7% Senior Notes due 2018 and $600 million principal amount of 6-7/8% Senior Notes due 2021 issued by Inergy, L.P. and Inergy Finance Corp. The exchange offers and consent solicitations were conducted in connection with the acquisition by Suburban of Inergy’s retail propane business. In the exchange offers the Suburban entities offered $1 billion aggregate principal amount of their 7-1/2% Senior Notes due 2018 and 7-3/8% Senior Notes due 2021 and $200 million in cash. The Firm also represented Evercore as financial advisor to Suburban in connection with the acquisition.
Suburban Propane Partners, L.P. is a publicly-traded master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928. Suburban now serves the energy needs of approximately 1.3 million residential, commercial, industrial and agricultural customers through approximately 750 locations in 41 states.
The Simpson Thacher team for the exchange offers and the advisory representation included John Lobrano, Lia Toback, Bruce Sun and Caetano Cunha (Capital Markets), Patrick Naughton and John Pitts (M&A), Jonathan Cantor and Danny Salinas (Tax), Michael Isby (Environmental) and Andrew Pagliughi (Blue Sky).
