UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 29, 1999
SUBURBAN PROPANE PARTNERS, L.P.
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(Exact name of registrant as specified in its charter)
DELAWARE 1-14222 22-3410353
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
240 ROUTE 10 WEST, WHIPPANY, NJ 07981
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(Address of principal executive office) (Zip Code)
(973) 887-5300
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(Registrant's telephone number, including area code)
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Exhibit Index on Page 4
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ITEM 5. OTHER EVENTS.
On September 29, 1999, Suburban Propane Partners, L.P. issued a press release
(the "Press Release"), announcing its agreement with SCANA Corporation to
acquire the assets of SCANA Propane Gas, Inc., SCANA Propane Storage, Inc.,
SCANA Propane Supply, Inc., USA Cylinder Exchange, Inc. and C&T Pipeline, LLC,
for $86 million plus working capital.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(C) EXHIBIT. A copy of the press release has been filed as Exhibits
99.1 to this Current Report.
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SIGNATURES
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1934, THE REGISTRANT HAS
DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO
DULY AUTHORIZED:
SUBURBAN PROPANE PARTNERS, L.P.
DATE: SEPTEMBER 29, 1999 BY: /S/ JANICE G. MEOLA
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JANICE G. MEOLA
GENERAL COUNSEL AND SECRETARY
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EXHIBITS
EXHIBIT NO. EXHIBIT
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99.1 Press Release dated September 29, 1999
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EXHIBIT 99.1
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NEWS RELEASE
FOR IMMEDIATE RELEASE
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SUBURBAN PROPANE PARTNERS, L.P. AGREES TO ACQUIRE
THE ASSETS OF SCANA PROPANE GAS, INC.,
INCLUDING STRATEGIC TERMINALING PROPERTIES
WHIPPANY, NEW JERSEY, SEPTEMBER 29, 1999--Suburban Propane Partners, L.P.
(NYSE:SPH) announced today that the Partnership has signed a definitive
agreement with SCANA Corporation to acquire the assets of SCANA Propane Gas,
Inc., SCANA Propane Storage, Inc., SCANA Propane Supply, Inc., USA Cylinder
Exchange, Inc., and C&T Pipeline, LLC, for $86 million plus working capital. The
agreement is subject to customary conditions, including the receipt of necessary
governmental approvals.
In making this announcement, Suburban Propane's President and Chief Executive
Officer, Mark A. Alexander said, "Consistent with our renewed focus to expand
our operations through external growth, the acquisition of SCANA Propane will
represent an excellent strategic fit for Suburban. We expect this transaction to
be cash flow accretive immediately. We are looking forward to welcoming the
SCANA Propane employees into the Suburban family."
SCANA Propane Gas, Inc., headquartered in Sumter, South Carolina, distributes
approximately 20 million gallons annually and services more than 40,000
customers from 22 Customer Service Centers in North and South Carolina. USA
Cylinder Exchange, Inc. operates an automated 20-lb. propane cylinder
refurbishing and refill center in Hartsville, South Carolina, selling to
approximately 1,600 grocery and convenience stores in the Carolinas, Georgia and
Tennessee. According to David R. Eastin, Chief Operating Officer of Suburban
Propane, "SCANA's retail propane business has an excellent reputation as a
quality operation providing a high level of customer service and will complement
our long term strategy."
The transaction will also include the 60-million-gallon storage cavern in
Tirzah, South Carolina owned by SCANA Propane Storage, Inc. and C&T Pipeline's
62 mile propane pipeline that connects the storage cavern at Tirzah to the Dixie
Pipeline. In commenting on the importance of these assets to Suburban, Michael
J. Dunn, Jr., Senior Vice President said "SCANA's pipeline and storage assets
will be key in supporting our southeast retail operations, as well as providing
the platform for building further upon Suburban's existing wholesale business."
Suburban Propane Partners, L.P. is a publicly traded Master Limited Partnership
listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey,
Suburban has been in the customer service business since 1928 and is the
nation's third largest propane gas marketer. The Partnership serves over 700,000
residential, commercial, industrial and agricultural customers through more than
340 customer service centers in more than 40 states. Corporate news, unit prices
and additional information about Suburban are available 24 hours a day, 7 days a
week on the company's web site. Via the Internet, go to WWW.SUBURBANPROPANE.COM.
To receive news releases via fax: Dial 800-758-5804 and input extension 112074.
Company contact: Robert M. Plante
Treasurer
(973) 503-9252
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