Sunoco LP Announces Results of Early Participation in Private Exchange Offers and Consent Solicitations for Outstanding Notes of Parkland Corporation and Extension of the Early Participation Exchange Consideration

Core Viewpoint - Sunoco LP has successfully completed a significant portion of its private exchange offers for outstanding Canadian and U.S. dollar denominated notes issued by Parkland Corporation, with high participation rates from noteholders [1][5]. Summary by Category Exchange Offers - As of October 20, 2025, approximately C$1,352,346,000 (84.5%) of PKI CAD Notes and US$2,564,002,000 (98.6%) of PKI USD Notes have been validly tendered in the exchange offers [1][5]. - The exchange offers include an Early Participation Exchange Consideration of C$1,000 for PKI CAD Notes and US$1,000 for PKI USD Notes, which includes a C$50.00 or US$50.00 Early Participation Premium, plus a cash payment of C$2.50 or US$2.50 [2][6]. Participation Details - The participation rates for specific series of notes are as follows: - 3.875% Senior Notes due 2026: C$522,224,000 (87.0%) - 6.000% Senior Notes due 2028: C$372,461,000 (93.1%) - 4.375% Senior Notes due 2029: C$457,661,000 (76.3%) - 5.875% Senior Notes due 2027: US$492,653,000 (98.5%) - 4.500% Senior Notes due 2029: US$787,124,000 (98.4%) - 4.625% Senior Notes due 2030: US$797,122,000 (99.6%) - 6.625% Senior Notes due 2032: US$487,103,000 (97.4%) [1][3][5]. Conditions and Amendments - The exchange offers are subject to conditions, including the completion of Sunoco's acquisition of Parkland and the requirement that a majority of each series of PKI Notes must have tendered and consented [11][12]. - Proposed amendments to the PKI Indentures will eliminate restrictive covenants and certain events leading to an "Event of Default" [13]. Timeline - The expiration date for the exchange offers is set for November 4, 2025, with settlement expected shortly thereafter [9][10]. - Withdrawal rights for the exchange offers expired on October 20, 2025, meaning holders can no longer withdraw their tendered notes [8]. Company Overview - Sunoco LP operates as an energy infrastructure and fuel distribution master limited partnership, with a network spanning over 40 U.S. states, Puerto Rico, Europe, and Mexico [22].