Suburban Propane Partners, L.P. Declares Increase in Annualized Distribution Rate to $1.30 per Common Unit | News
WHIPPANY, New Jersey, July 22, 2021 / PRNewswire / – Suburban Propane Partners, LP (NYSE: SPH) announced today that its board of directors is increasing the partnership’s quarterly payout by $ 0.30 to $ 0.325 per common unit for the past three months June 26, 2021. This quarterly payout rate corresponds to an annualized rate of $ 1.30 per common unit and represents an increase of $ 0.10 per common unit compared to the annualized rate from the previous quarter. The increased quarterly distribution is payable on August 10, 2021 to registered ordinary shareholders August 3, 2021.
Announcing the quarterly payout increase, President and Chief Executive Officer, Michael A. Stivala, said, “We are very excited to be increasing our annualized payout rate on this $ 1.30 per unit shared – which is 8.3% growth from the previous annualized payout rate. For the past twelve months, we have continued to focus on managing the business during the COVID-19 pandemic, implementing our initiatives to grow and retain our customer base, accelerate our debt reduction efforts, invest in renewable energy solutions and to refinance our debts opportunistically in order to reduce the interest expense and extend the terms. As we continue to strengthen the balance sheet and implement our strategic growth plans, we remain committed to providing our valued shareholders with sustainable, profitable growth. “
Nominees are hereby informed that foreign partners are subject to withholding tax on the cash distribution in accordance with Section 1446 of the Internal Revenue Code at the highest applicable tax rates.
About Suburban Propane Partners, LP
Suburban Propane Partners, LP (“Suburban Propane”) is a publicly traded Master Limited Partnership listed on the New York Stock Exchange. Headquarters in Whippany, New JerseyIn the customer service business since 1928, Suburban Propane is a nationwide distributor of propane, renewable propane, heating oil and related products and services, as well as a marketer of natural gas and electricity and an investor in low carbon fuel alternatives. Supplying the energy needs of around 1 million private, commercial, government, industrial and agricultural customers across around 700 locations in 41 states. Suburban propane is supported by three core pillars: (1) Suburban propane – this shows the over 90-year legacy of Suburban Propane and its continued commitment to the highest standards of reliability, flexibility and dependability that underscore Suburban Propane’s commitment to excellent customer service; (2) SuburbanCares – highlighting continued commitment to giving back to local communities in the Suburban Propane national presence, and (3) Go green with Suburban Propane – promoting the clean combustion and versatility of propane and renewable propane as a bridge to a green energy future and development of the next generation of renewable energies. For more information on Suburban Propane, see www.suburbanpropane.com.
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SOURCE Suburban Propane Partners, LP