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Founded in 1870 as the Charles H. Sprague Company, Sprague is one of the largest independent wholesale suppliers of energy and materials handling services in the Northeast. Sprague offers an extensive range of liquid distillate (e.g., heating oil and diesel), gasoline and residual fuel products and services as well as competitive natural gas supply and materials handling capabilities. Sprague's customers benefit from its extensive network of owned and operated terminals throughout the Northeast and the company’s investment in customized products and solutions. Sprague offers a diversity of offerings that is unmatched in its service territories and it is constantly searching for ways to expand its capabilities.
K-1 Tax Information
Sprague Resources LP Announces Conversion of Subordinated Units to Common Units
Company News
February 28, 2017
PORTSMOUTH, N.H., Feb. 28, 2017 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE:SRLP) announced today that on February 27, 2017, the board of directors of the Partnership’s general partner confirmed and approved that, with payment of the fourth quarter distribution on February 14, 2017, the financial tests required for conversion of the outstanding subordinated units into common units has been met.
Accordingly, the Partnership’s 10,071,970 subordinated units, which are owned by Sprague Resources Holdings LLC, a wholly owned subsidiary of Axel Johnson Inc. and the owner of our general partner, will convert on a one-for-one basis into common units, effective February 28, 2017.
The conversion of the subordinated units does not impact the amount of cash distributions paid by the Partnership or the total number of outstanding units of the Partnership. The subordinated units were issued by the Partnership in connection with its initial public offering in October of 2013.
About Sprague Resources LP
Sprague Resources LP is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials. More information concerning Sprague can be found at www.spragueenergy.com.
Investor Contact:
Kory Arthur
+1 603.766.7401
karthur@spragueenergy.com
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Investor Contact
Sprague Operating Resources LLC
185 International Drive
Portsmouth, NH 03801
Phone: 1.800.225.1560
Email:
investorrelations@spragueenergy.com
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