Sunoco LP Announces Pricing of Upsized Preferred Equity Offering
Vinson & Elkins represented Sunoco LP (NYSE: SUN) (“Sunoco”) in connection with an aggregate $3.4 billion in capital markets financings, including its upsized, multi-tranche offering of $1.9 billion aggregate principal amount of senior notes and its upsized offering of $1.5 billion of 7.875% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units.
Sunoco intends to use the net proceeds from the offerings to fund the cash consideration for Sunoco’s pending acquisition of Parkland Corporation (the “Parkland Acquisition”) and related transaction costs, with the remaining proceeds, if any, to be used for general corporate purposes. The offerings were priced on September 4, 2025, and are anticipated to close on September 18, 2025, subject to customary closing conditions.
The Vinson & Elkins corporate team was led by partners Jackson O’Maley, Ben Heriaud, Ramey Layne, and David Stone with assistance from associates Walt Baker, Patience Li, Rachel Campbell Alexander, and Ethan Twining. Also advising were partner Caitlin Turner and associates Cam Viney and Sara Johnson; partners Wendy Salinas and Ryan Carney, senior associates Dan Henderson and Lauren Nieman and associates Addyson Jackson and Tripp Haskins; counsel Missy Spohn and associate Henry Crowell; partner Thomas Knight and associate Ryan Hoeffner; partner Matt Dobbins and associate Alexis Boyd; and partner Joyce Adetutu.
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