Company: SPH
Filing Date: 2025-02-12
Form Type: S-3
Source: 0001193125-25-024546
Chunk: 11

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-12
Form: S-3
Chunk 11
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 the use of proceeds are
uncertain.

Our common units will be sold in “at-the-market”offerings, and investors who buy common units at different times will likely pay different prices.

Investors who purchase common units in this offering at different times will likely pay different prices and may experience different
outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and numbers of common units sold in this offering. Investors may experience a decline in the value of their common units.
The trading price of our common units may be volatile and subject to wide fluctuations. Many factors could have an impact on our common unit price, including fluctuations in the performance of our Investment Funds or our overall performance.

The actual number of common units we will issue under our equity distribution agreement, at any one time or in total, is uncertain.

Subject to certain limitations in the equity distribution agreement and compliance with applicable law, we have the discretion to
deliver an issuance notice to the Agents at any time throughout the term of the equity distribution agreement. The number of common units that are sold by the Agents after delivering an issuance notice will fluctuate based on the market price
of our common units during the selling period and limits we set with the Agents. It is not currently possible to predict the number of common units that will be ultimately issued.

6

USE OF PROCEEDS

Unless otherwise indicated to the contrary in an accompanying prospectus supplement, we will use the net proceeds from the future sales of
common units covered by this prospectus for general limited partnership purposes, which may include working capital needs, repayment of indebtedness, capital expenditures and acquisitions.

Our management will have broad discretion in allocating the net proceeds from this offering, and investors will be relying on the judgment of
our management regarding the application of the net proceeds from this offering.

These expected uses represent our intentions based upon
our current plans and business conditions, which could change in the future as our plans and business conditions evolve. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors.

7

DESCRIPTION OF THE COMMON UNITS

General

The common units represent 100%
of our limited partner interests, which entitle holders to participate in distributions and exercise the rights and privileges available to limited partners under our Partnership Agreement.

Number of Units

As of December 28,
2024, there were 64,490,096 common units outstanding. Our general partner owns 784 common units and has no other economic rights in either us or