Printer Friendly

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 -- 9658 12/23/92 15:39 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 23, 1992
Words:229
Previous Article:CABOT MEDICAL ANNOUNCES STOCK REPURCHASE PLAN
Next Article:FIVE NEW TEAMS TO GUIDE SDG&E'S FUTURE


Related Articles
SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
SUN DISTRIBUTORS NET INCOME UP 16 PERCENT IN FIRST QUARTER
SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
SUN DISTRIBUTORS' NET INCOME $5.6 MILLION IN SECOND QUARTER
SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
SUN DISTRIBUTORS L.P. ANNOUNCES CASH DISTRIBUTIONS
REPEATING FROM YESTERDAY'S FILE ---
SUN DISTRIBUTORS L.P. ANNOUNCES THE SALE OF DOWNEY GLASS DIVISION AND CASH DISTRIBUTIONS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters