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

Susser Holdings Corporation 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.