Suburban Propane Partners, a nationwide distributor of propane, renewable propane, renewable natural gas, fuel oil and related products and services, as well as a marketer of natural gas and electricity and investor in low carbon fuel alternatives, announced the refinancing of the $500 million senior secured credit facility (the "Revolving Credit Facility") of its operating partnership, Suburban Propane, L.P. The new five-year Revolving Credit Facility amends and restates the previous revolving credit facility dated March 5, 2020 to, among other things, extend the maturity date from March 5, 2025 to the earlier of (A) the date that is ninety-one (91) days prior to maturity of the 5.875% senior notes, due March 1, 2027, of Suburban Propane Partners, L.P. and Suburban Energy Finance Corporation (unless the notes have been refinanced prior to such date) or (B) March 15, 2029. As with the current Revolving Credit Facility, Suburban Propane, L.P. retains the ability to increase the facility size to $850 million.

In announcing the refinancing, Chief Financial Officer Michael Kuglin said, "We are very pleased with the outcome of this opportunistic refinancing, which we have completed in advance of the expiration of our previous credit facility. This new facility further extends our debt maturities, maintains the interest rate pricing grid and financial ratio covenants, and provides enhanced financial flexibility in support of our long-term strategic growth initiatives. We are very appreciative of the support provided by our bank group."

The bank syndication supporting the new facility is comprised of a diverse group of eight banks led by Bank of America as Joint Lead Arranger and Joint Book Runner, Wells Fargo Bank, JP Morgan Chase Bank, Citizens Bank, Capital One, and M&T Bank as Joint Lead Arrangers, Joint Book Runners and Co-Syndication Agents, and HSBC Bank USA, and CoBank, ACB as Co-Documentation Agents. Bank of America is serving as Administrative Agent.