Company: SPH
Filing Date: 2025-02-21
Form Type: 424B5
Source: 0001193125-25-030891
Chunk: 33

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-21
Form: 424B5
Chunk 33
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 In addition, if we aggregate multiple issuances of common units for purposes of making adjustments to “book” 21

basis and the related tax allocations, we will treat each of our common units as having the same capital account balance, regardless of the price actually paid by each purchaser of common units
in the aggregated offerings. We do not expect the number of affected common units, or the differences between the purchase price of a unit and the initial capital account balance assigned to the unit, to be material, and we do not expect this
convention will have a material effect upon the trading of our common units.

Tax-ExemptOrganizations

Ownership of common units by employee benefit plans, individual retirement accounts (“IRAs”), other
tax-exempt organizations, non-resident aliens, non-U.S. corporations, and other non-U.S.
persons raises issues unique to those investors and, as described below to a limited extent, may have substantially adverse tax consequences to them. A unitholder that is tax-exempt entity or a non-U.S. person should consult their own tax advisors before investing in our common units.

Employee
benefit plans and most other organizations exempt from U.S. federal income tax, including IRAs and other retirement plans, are subject to U.S. federal income tax on unrelated business taxable income. Unrelated business taxable income consists of
income derived from the conduct of an unrelated trade or business regularly carried on by a tax-exempt entity, or income derived from “debt-financed” property. Virtually all of our income allocated
to a unitholder that is a tax-exempt organization will be unrelated business taxable income and will be taxable to it. Further, a tax-exempt organization with more than
one unrelated trade or business (including by attribution from investments in a partnership, such as us, that is engaged in one or more unrelated trades or businesses) must compute its unrelated business taxable income separately for each such trade
or business, including for purposes of determining any net operating loss deduction. As a result, it may not be possible for tax-exempt organizations to use losses from an investment in us to offset taxable
income from another unrelated trade or business (or vice versa).

Non-U.S.Unitholders

Non-resident aliens and non-U.S. corporations, trusts, or
estates that own common units will be treated as engaged in a trade or business in the United States because of the ownership of common units and all or virtually all of our income and gain is expected to be effectively