Susser Holdings Completes Refinancing of Senior Notes PR Newswire CORPUS CHRISTI, Texas, May 15, 2013 CORPUS CHRISTI, Texas, May 15, 2013 /PRNewswire/ -- Susser Holdings Corporation (NYSE: SUSS) announced today that it has completed the refinancing of $425 million of 8.5% senior notes due 2016 using approximately $235 million of capacity under its recently expanded $500 million revolving credit facility, along with available cash. The notes were called at a price of 104.25%. Including the $18.1 million call premium and approximately $4 million of transaction expenses, the total cost to retire the notes was $447 million (plus accrued interest). Based on current LIBOR interest rates on the new revolving credit facility, Susser Holdings expects to save an estimated $30 million to $32 million of annual pre-tax interest expense, which would add approximately $0.90 to $0.95 to diluted earnings per share. 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. Susser Holdings Corporation is a third-generation family led business based in Corpus Christi, Texas that operates over 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. Forward-Looking Statements This news release contains "forward-looking statements" which may describe Susser's objectives, expected results of operations, targets, plans, strategies, costs, anticipated capital expenditures, potential acquisitions, new store openings and/or new dealer locations. 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; our dependence on our subsidiaries for cash flow generation, including SUSP, and our exposure to the business risks of SUSP by virtue of our controlling ownership interest; operational limitations imposed by our contractual arrangements with SUSP; risks relating to our substantial indebtedness and the restrictive covenants associated with that indebtedness; our ability to comply with federal and state regulations including those related to alcohol, tobacco and environmental matters; 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; costs associated with employee healthcare requirements; compliance with, or changes in, tax laws-including those impacting the tax treatment of SUSP; dependence on two principal suppliers for merchandise; dependence on suppliers for credit terms; seasonality; dependence on senior management and the ability to attract qualified employees; acts of war and terrorism; dependence on our information technology systems; severe weather; 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 recently filed 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, email@example.com Dennard-Lascar Associates Anne Pearson, Senior Vice President (210) 408-6321, firstname.lastname@example.org SOURCE Susser Holdings Corporation Website: http://www.susser.com
Susser Holdings Completes Refinancing of Senior Notes
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