SUN

Sunoco Declines On Agreement To Acquire NuStar In $7.1 Bln Deal

(RTTNews) - Shares of Sunoco LP (SUN) are sliding more than 3 percent on Monday morning trade after the company entered into a definitive agreement to acquire NuStar in an all-equity transaction valued at approximately $7.3 billion, including assumed debt.

NuStar common unitholders will receive 0.400 Sunoco common units for each NuStar common unit, implying a 24% premium based on the 30-day VWAP's of both NuStar and Sunoco as of January 19, 2024. Sunoco has secured a $1.6 billion 364-day bridge term loan to refinance NuStar's Series A, B and C Preferred Units, Subordinated Notes, Revolving Credit Facility, and Receivables Financing Agreement.

Currently, SUN shares are at $57.49, down 3.33 percent from the previous close of $59.46 on a volume of 840,543.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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