Sunoco amended its revolving credit agreement with a syndicate of lenders led by Bank of America Merrill Lynch, extending the maturing date to July 2023.
The credit facility size remains at $1.5 billion and includes an accordion feature that may increase the facility by up to $750 million, subject to additional lender commitments.
Outstanding borrowings will bear interest, at Sunoco’s option, at either the base rate plus a margin ranging from 0.25% to 1.25% or LIBOR plus a margin ranging from 1.25% to 2.25%.
The board of directors of Sunoco’s general partner concurrently declared a quarterly distribution for the second quarter of 2018 of $0.8255 per common unit, which corresponds to $3.3020 per common unit on an annualized basis. The distribution will be paid on August 15, 2018 to common unitholders of record on August 7, 2018.
