REPEATING FROM YESTERDAY'S FILE ---
SUN DISTRIBUTORS, L.P. ISSUES ANNOUNCEMENT PHILADELPHIA, Dec. 23 /PRNewswire/ -- Sun Distributors, L.P.
(NYSE: SDP, SDPB) closed a note purchase agreement for $95 million on Dec. 22, 1992, with three institutional investors, and also entered into a revolving credit facility for $50 million with a syndicate of three banks.
The notes will bear interest at a weighted average rate of 8.88 percent and the revolver will have a floating interest rate. Part of the proceeds were used to retire the company's $110 million in Senior Notes bearing interest of 9.5 percent. According to Donald T. Marshall, chief executive officer, "Our previous Senior Note agreement called for principal repayments of $22 million per year for the next five years. The new Senior Notes provide for a series of lower annual payments spread over a nine-year period, beginning in 1994, thereby giving us considerably more operational flexibility." Sun Distributors, formerly a subsidiary of The Sun Company, was acquired by the firm's management group in 1986 in conjunction with Shearson Lehman. The company was then taken public in 1987 as a master limited partnership. The company has grown since then both internally and by acquisition. Sales for 1992 will be approximately $613 million. /delval/ -0- 12/23/92 /CONTACT: Louis J. Cissone of Sun Distributors, 215-665-3650/ (SDP)
CO: Sun Distributors L.P. ST: Pennsylvania IN: SU:
MK-MJ -- PH021 -- 9814 12/24/92 10:18 EST
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|Date:||Dec 24, 1992|
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