CrossAmerica Partners LP Announces Pricing of Public Offering of Common Units

ALLENTOWN, Pa.--()--CrossAmerica Partners LP (NYSE: CAPL) (the “Partnership” or “CrossAmerica”) announced today that it has priced its previously announced public offering of 4,600,000 common units representing limited partner interests in the Partnership (the “Offering”) at a price to the public of $31.45 per common unit. The Partnership expects the Offering to close on June 19, 2015, subject to customary closing conditions. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 690,000 common units. The Partnership expects to receive net proceeds of approximately $138.6 million (or approximately $159.4 million if the underwriters exercise their option to purchase an additional 690,000 common units in full), after deducting underwriting discounts and commissions and estimated offering expenses.

The Partnership intends to use the net proceeds from the Offering, including any proceeds received from an exercise of the underwriters’ option to purchase additional common units, to reduce indebtedness outstanding under its credit facility. The Partnership then intends to reborrow under its credit facility to fund future acquisitions.

BofA Merrill Lynch, Barclays, J.P. Morgan, Raymond James and RBC Capital Markets are acting as joint book-running managers for the Offering, and Baird, Janney Montgomery Scott, Oppenheimer & Co. and Stephens Inc. are acting as co-managers for the Offering. A copy of the prospectus supplement and accompanying prospectus, when available, may be obtained from:

BofA Merrill Lynch,
222 Broadway
New York, NY 10038
Attn: Prospectus Department

email: dg.prospectus_requests@baml.com

 
Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Phone: (888) 603-5847

Email: barclaysprospectus@broadridge.com

 
J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Phone: (866) 803-9204
 
Raymond James & Associates, Inc.
880 Carillon Parkway
St. Petersburg, Florida 33716
Phone: (800) 248-8863

Email: prospectus@raymondjames.com

 
RBC Capital Markets
Attn: Equity Syndicate
Three World Financial Center
200 Vesey St., 8th Floor
New York, NY 10281
Phone: (877) 822-4089

Email: equityprospectus@rbccm.com

 

An electronic copy of the prospectus supplement and accompanying prospectus may also be obtained at no charge at the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying prospectus, each of which is part of an effective shelf registration statement filed by the Partnership with the SEC.

Forward-Looking Statements

Statements contained in this release that state the Company's or management's expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “estimates,” “target” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica’s Form 10-Q for the quarter ended March 31, 2015 or Form 10-K for the year ended December 31, 2014, each filed with the Securities and Exchange Commission and available on the CrossAmerica’s website at www.crossamericapartners.com. The Partnership undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contacts

CrossAmerica Partners LP
Karen Yeakel, 610-625-8005
Investor Relations
or
CST Brands, Inc.
Randy Palmer, 210-692-2160
Investor Relations

Contacts

CrossAmerica Partners LP
Karen Yeakel, 610-625-8005
Investor Relations
or
CST Brands, Inc.
Randy Palmer, 210-692-2160
Investor Relations