Welcome to our dedicated page for Suburban Propane Partners news (Ticker: SPH), a resource for investors and traders seeking the latest updates and insights on Suburban Propane Partners stock.
Suburban Propane Partners, L.P. reports news around its role as a publicly traded master limited partnership that distributes propane, renewable propane, renewable natural gas, fuel oil and related energy products and services. The partnership also markets natural gas and electricity and develops low-carbon fuel alternatives through its renewable energy platform.
Recurring updates include quarterly financial results, propane volume and margin commentary, commodity-price effects, derivative mark-to-market adjustments and Adjusted EBITDA measures. News also covers common-unit distribution declarations, financing actions involving credit facilities, senior notes and at-the-market equity issuance, acquisitions of propane businesses, renewable energy leadership and commercial partnerships such as its NASCAR fueling and race operations relationship.
Suburban Propane Partners, L.P. (NYSE:SPH) reported a net loss of $26 million for Q3 2021, an increase from a $15.6 million loss in Q3 2020. Adjusted EBITDA fell to $23.3 million from $32.2 million year-over-year. Despite challenges, total volumes sold rose by nearly 2% compared to the prior year, with a notable increase in commercial demand. The company reduced debt by $30 million in the quarter and refinanced $775 million in senior notes, leading to annual interest savings of $7 million. A quarterly distribution increase to $0.325 per unit was announced, representing an 8.3% rise from the previous rate.
Suburban Propane Partners, L.P. (NYSE:SPH) has announced an increase in its quarterly distribution from $0.30 to $0.325 per Common Unit for the period ending June 26, 2021. This adjustment reflects an annualized rate of $1.30 per Common Unit, marking an 8.3% growth over the previous annualized rate. The new distribution is set to be paid on August 10, 2021, to unitholders of record as of August 3, 2021. CEO Michael A. Stivala expressed satisfaction with this increase, highlighting efforts on customer growth, debt reduction, and investment in renewable energy solutions.
Suburban Propane Partners, L.P. (NYSE:SPH) will host its Fiscal 2021 Third Quarter Results Conference Call on August 5, 2021, at 9:00 AM ET. Analysts and investors can join via the internet or by phone at (888) 317-6003 with access code 3840565. A replay will be available from 12:00 PM ET on August 5 until 12:00 AM ET on August 12 by calling (877) 344-7529, access code 10157939. Suburban Propane, established in 1928, serves approximately 1 million customers across 41 states and focuses on propane, renewable fuels, and customer service excellence.
Suburban Propane Partners, L.P. (NYSE: SPH) presented the 2021 SuburbanCares Award to disability advocate Eric LeGrand at its Whippany, NJ headquarters. This award recognizes LeGrand’s contributions to the Christopher and Dana Reeve Foundation, which focuses on enhancing the quality of life for individuals with spinal cord injuries. In addition, Suburban Propane made a significant donation to support Team LeGrand. The company is committed to philanthropy and community outreach, with initiatives in several cities across the U.S., aiming to assist children in underserved communities and support healthcare workers during the COVID-19 pandemic.
Suburban Propane Partners, L.P. (NYSE: SPH) recently held a community street party in Detroit, providing over 300 meals for families through a partnership with Brilliant Detroit. This initiative is part of their SuburbanCares platform, focusing on supporting underserved communities. Donations also included sports memorabilia for children. The company's commitment aims to address food insecurity and support local families impacted by the COVID-19 pandemic. Suburban Propane continues its outreach by helping communities across multiple states.
On May 24, 2021, Suburban Propane Partners, L.P. (NYSE:SPH) completed a private offering of $650 million in 5.000% Senior Notes due 2031. The net proceeds of approximately $639.9 million will refinance existing 5.500% and 5.750% Senior Notes. As of May 21, 2021, 69.54% and 67.59% of the 2024 and 2025 Senior Notes, respectively, have been tendered. Holders of accepted notes will receive cash payments today, with redemption for remaining notes scheduled on May 27 and June 1, 2021.
Suburban Propane Partners, L.P. (NYSE: SPH) hosted a pizza party for 400 students and staff at the Boys & Girls Clubs of Sonoma-Marin in Santa Rosa, CA, celebrating their efforts during challenging times. This event, part of SuburbanCares, reflects the company's commitment to community support. Suburban Propane also contributed to various initiatives, including healthcare support during COVID-19 and a recent donation to Santa Rosa's reforestation project. The company's ongoing efforts demonstrate its dedication to giving back to local communities across the United States.
Suburban Propane Partners, L.P. (NYSE:SPH) held its 2021 Tri-Annual Meeting of Unitholders on May 18, 2021. All seven nominees proposed by the Board were re-elected for a three-year term. Key approvals included the appointment of PricewaterhouseCoopers LLP as the independent accounting firm for the 2021 fiscal year, an Amended and Restated 2018 Restricted Unit Plan, and an advisory resolution on executive compensation. A detailed voting report is available on Suburban Propane's website. The company services over 1 million customers across 41 states.
Suburban Propane Partners, L.P. (NYSE: SPH) has priced a $650 million offering of 5.00% senior notes due 2031 in a private placement. The offering is set to close on May 24, 2021. The notes will mature on June 1, 2031, with interest payable semi-annually. Proceeds will be used to refinance $525 million of 5.50% senior notes due 2024 and $250 million of 5.75% senior notes due 2025, through a cash tender offer launched on May 10, 2021. The notes are being offered only to qualified institutional buyers and not registered under the Securities Act.
Suburban Propane Partners, L.P. (NYSE:SPH) announced a cash tender offer and consent solicitation for its 5.50% Senior Notes due 2024 and 5.750% Senior Notes due 2025, totaling $775 million. The offer expires on June 7, 2021, with a consent deadline on May 21, 2021. Validly tendered notes will receive up to $1,012.00 for the 2024 notes and $1,020.42 for the 2025 notes, including a consent payment. The company plans to finance the purchase with proceeds from a new senior notes offering of $650 million due 2031, alongside cash and credit facility resources.