Susser Holdings to Refinance Senior Notes Utilizing Cash and New Revolving Credit Facility

  Susser Holdings to Refinance Senior Notes Utilizing Cash and New Revolving
                               Credit Facility

Refinancing expected to reduce annual interest expense by $30-$32 million

PR Newswire

CORPUS CHRISTI, Texas, April 9, 2013

CORPUS CHRISTI, Texas, April 9, 2013 /PRNewswire/ -- Susser Holdings
Corporation (NYSE: SUSS) announced today it has closed on a new $500 million
revolving credit facility with a variable interest rate initially set at LIBOR
plus 200 basis points.

Concurrently, the Company has notified the trustee of its $425 million of 8.5%
senior notes due 2016 that it is redeeming the notes effective May 15, 2013.
Susser plans to initially use approximately $250 million of the capacity under
the new credit facility, along with existing cash, to retire the notes which
are callable at a price of 104.25%.Including the $18.1 million call premium
and approximately $4 million of transaction expenses, a total of $447 million
(plus accrued interest) will be required to retire the notes. The Company
expects to recognize a one-time pre-tax charge of approximately $26 million,
or $0.76 to $0.78 per diluted share, in connection with the refinancing.

"With the refinancing of our high-yield debt, based on current LIBOR rates, we
expect to save an estimated $30 to $32 million of annual pre-tax interest
expense, which would add approximately $0.90 to $0.95 to our diluted earnings
per share," said Sam L. Susser, Susser Holdings' President and Chief Executive
Officer.

"The surplus capacity on the new lower-cost revolving credit facility will
help us execute our plan to drive long-term growth both organically and
through acquisitions," he said.

The $500 million revolving credit facility includes an accordion feature that
would enable the Company to expand it by an additional $100 million, to a
total of $600 million, to finance future growth. The facility expires April
8, 2018. Susser Petroleum Partners LP (NYSE: SUSP) has a separate $250
million revolving credit facility that also has a $100 million accordion
feature.

Susser Holdings Corporation is a third-generation family led business based in
Corpus Christi, Texas that operates more than 560 convenience stores in Texas,
New Mexico and Oklahoma under the Stripes® banner. Restaurant service is
available in approximately 355 of its stores, primarily under the proprietary
Laredo Taco Company® brand. Susser Holdings also is majority owner and owns
the general partner of Susser Petroleum Partners LP, which distributes over
1.4 billion gallons of motor fuel annually to Stripes® stores, independently
operated consignment locations, convenience stores and retail fuel outlets
operated by independent operators and other commercial customers in Texas, New
Mexico, Oklahoma and Louisiana.

This news release contains "forward-looking statements." These statements are
based on current plans and expectations and involve a number of risks and
uncertainties that could cause actual results and events to vary materially,
including but not limited to: competitive pressures from convenience stores,
gasoline stations, other non-traditional retailers located in our markets and
other wholesale fuel distributors; volatility in crude oil and wholesale
petroleum costs; increasing consumer preferences for alternative motor fuels,
or improvements in fuel efficiency; inability to build or acquire and
successfully integrate new stores; dependence on our subsidiaries, including
Susser Petroleum Partners LP (the "Partnership"), for cash flow generation;
indirect exposure to the Partnership's business risks, by virtue of our
significant relationships with the Partnership; operational limitations
arising from our contractual agreements with the Partnership; our substantial
indebtedness, and the restrictions imposed by the covenants in respect of that
indebtedness; our ability to comply with federal and state regulations
including those related to environmental matters and the sale of alcohol and
tobacco; dangers inherent in storing and transporting motor fuel; pending or
future consumer or other litigation or adverse publicity concerning food
quality, food safety or other health concerns related to our restaurant
facilities; wholesale cost increases of tobacco products or future legislation
or campaigns to discourage smoking; healthcare reform legislation and
regulation; compliance with, or changes in, tax laws-including those impacting
the tax treatment of the Partnership; dependence on two principal suppliers
for merchandise; dependence on suppliers for credit terms; seasonal trends
in the industries in which we operate; dependence on senior management and
the ability to attract qualified employees; acts of war and terrorism;
dependence on our information technology systems; severe or unfavorable
weather conditions; cross-border risks associated with the concentration of
our stores in markets bordering Mexico; impairment of goodwill or indefinite
lived assets; and other unforeseen factors. For a full discussion of these
and other risks and uncertainties, refer to the "Risk Factors" section of the
Company's most recent annual report on Form 10-K and subsequent quarterly
filings. These forward-looking statements are based on and include our
estimates as of the date hereof. Subsequent events and market developments
could cause our estimates to change. While we may elect to update these
forward-looking statements at some point in the future, we specifically
disclaim any obligation to do so, even if new information becomes available,
except as may be required by applicable law.

Contacts: Susser Holdings Corporation
          Mary Sullivan, Chief Financial Officer
          (361) 884-2463, msullivan@susser.com
          Dennard-Lascar Associates
          Anne Pearson, Senior Vice President
          (210) 408-6321, apearson@dennardlascar.com

SOURCE Susser Holdings Corporation

Website: http://www.susser.com
 
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