Suburban Propane (SPH) sells $350M 6.500% notes to refinance 2027 debt

Rhea-AI Filing Summary

Suburban Propane Partners, L.P. issued $350 million of 6.500% senior notes due 2035 under a new indenture with The Bank of New York Mellon as trustee. The notes are unsecured senior obligations, ranking equally with Suburban’s other unsecured senior debt and ahead of any future subordinated debt, but are structurally subordinated to liabilities at its subsidiaries.

The notes pay interest at 6.500% per year, with semiannual payments on June 15 and December 15, starting June 15, 2026. Net proceeds of about $344.3 million, together with borrowings under a revolving credit facility, have been or will be used to redeem all outstanding 5.875% senior notes due 2027 and to pay related fees and expenses. The notes were sold in a private offering to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S.

Insights

Debt capital markets analyst

Suburban refinances 2027 notes with longer-dated 2035 debt.

Suburban Propane has issued $350 million of 6.500% senior notes due 2035 and plans to use about $344.3 million of net proceeds, plus revolving credit borrowings, to redeem its 5.875% senior notes due 2027. This extends debt maturity by roughly eight years while modestly increasing the coupon rate.

The new notes are unsecured senior obligations and rank equally with Suburban’s existing unsecured senior indebtedness, but remain structurally subordinated to liabilities at operating subsidiaries that do not guarantee the notes. Covenants in the indenture limit certain actions by Suburban and its restricted subsidiaries, which may help preserve credit quality, subject to stated limitations and exceptions.

The transaction shifts near-term refinancing pressure away from the 2027 maturity and pushes it to 2035. Actual impact on leverage and interest coverage will depend on Suburban’s future operating performance and how it manages borrowings under the revolving credit facility.

SUBURBAN PROPANE PARTNERS LP false 0001005210 0001005210 2025-12-22 2025-12-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

December 22, 2025

Commission File Number: 1-14222

SUBURBAN PROPANE PARTNERS, L.P.

(Exact name of registrant as specified in its charter)

Delaware		22-3410353
(State or Other Jurisdiction of Incorporation)		(IRS Employer Identification No.)

240 Route 10 West

Whippany, New Jersey 07981

(973) 887-5300

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of exchange on which registered
Common Units		SPH		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On December 22, 2025, Suburban Propane Partners, L.P. (“Suburban Propane”) and Suburban Energy Finance Corp. (together with Suburban Propane, “Suburban”) entered into an indenture (the “2035 Senior Notes Indenture”) with The Bank of New York Mellon, as trustee (the “Trustee”), in connection with the previously announced offering of $350,000,000 aggregate principal amount of Suburban’s 6.500% Senior Notes due 2035 (the “2035 Senior Notes”).

The 2035 Senior Notes will bear interest at a rate of 6.500% per year, payable semiannually in arrears on June 15 and December 15 of each year, commencing on June 15, 2026.

The 2035 Senior Notes will be unsecured, senior obligations and rank senior in right of payment to any future subordinated indebtedness and pari passu in right of payment to all of Suburban’s existing and future unsecured senior indebtedness. The 2035 Senior Notes will be structurally subordinated to the indebtedness and other liabilities of all of Suburban’s subsidiaries, including the indebtedness and other liabilities of its operating partnership, Suburban Propane L.P., and its subsidiaries, so long as such subsidiaries do not guarantee the 2035 Senior Notes.

The 2035 Senior Notes Indenture contains covenants that, among other things, limit Suburban’s ability and the ability of Suburban’s restricted subsidiaries (as defined in the 2035 Senior Notes Indenture) to:

• incur additional debt or issue preferred stock;

• pay dividends or make other distributions on, redeem or repurchase Suburban’s capital stock;

• make investments or other restricted payments;

• enter into transactions with affiliates;

• sell, transfer or issue shares of capital stock of restricted subsidiaries;

• create liens on their assets;

• transfer or sell assets;

• restrict dividends or other payments to Suburban; and

• effect a consolidation, liquidation or merger.

These covenants are subject to important limitations and exceptions that are described in the 2035 Senior Notes Indenture.

The offering of the 2035 Senior Notes was not registered under the Securities Act of 1933, as amended (the “Securities Act”), and the 2035 Senior Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The 2035 Senior Notes were sold to “qualified institutional buyers” as defined in Rule 144A under the Securities Act, and non-U.S. persons outside the United States under Regulation S under the Securities Act.

The net proceeds of the offering of the 2035 Senior Notes, after deducting estimated offering expenses, was approximately $344.3 million, all of which has been or will be used, together with borrowings under a revolving credit facility, to fund the redemption of all the outstanding 5.875% senior notes due 2027, and to pay related fees and expenses.

The foregoing descriptions of the 2035 Senior Notes Indenture and the 2035 Senior Notes are summaries and are qualified in their entirety by the terms of the 2035 Senior Notes Indenture and the 2035 Senior Notes, copies of which are attached to this Current Report on Form 8-K as Exhibit 4.1 and Exhibit 4.2, respectively, and are incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 of this Form 8-K is incorporated herein by reference.

Item 8.01 Other Events.

On December 22, 2025, Suburban issued a press release announcing the completion of the offering of the 2035 Senior Notes, a copy of which is attached hereto as Exhibit 99.1 and hereby is incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

4.1		Indenture, dated as of December 22, 2025, relating to the 6.500% Senior Notes due 2035, among Suburban Propane Partners, L.P., Suburban Energy Finance Corp. and The Bank of New York Mellon, as Trustee.
4.2		Form of Note (included in Exhibit 4.1)
99.1		Press release of Suburban Propane Partners, L.P. dated December 22, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				SUBURBAN PROPANE PARTNERS, L.P.
Date: December 22, 2025				By:		/s/ Michael A. Kuglin
				Name:		Michael A. Kuglin
				Title:		Chief Financial Officer