Company: SPH
Filing Date: 2025-12-22
Form Type: 8-K
Source: 0001193125-25-328769
Chunk: 0

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-12-22
Form: 8-K
Item: Item 1.01
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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