Susser Announces Closing of Secondary Offering of Common Stock

Published in CSP Daily News

Couche-Tard to issue $300 million of Class B shares in Canada

CORPUS CHRISTI, Texas -- Susser Holdings Corp. has announced it has closed a secondary public offering by affiliates of Wellspring Capital Management of 5,000,000 shares of Susser common stock at a price of $36 per share. Susser did not receive any proceeds from the offering, and its total number of shares outstanding--which was 20,956,237 as of July 1, 2012--does not change as a result of the offering.

Wellspring has granted the underwriters a 30-day option to purchase up to an additional 750,000 of its shares in the company at a price of $36 per share.

BofA Merrill Lynch, Jefferies and BMO Capital Markets are the joint book- running managers for this offering.

Corpus Christi, Texas-based Susser Holdings is a third-generation, family-led business with approximately 1,100 company-operated or contracted locations. The company operates approximately 545 convenience stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in more than 335 of its stores, primarily under the proprietary Laredo Taco Co. brand. It also supplies branded motor fuel to approximately 565 independent dealers through its wholesale fuel division.

Separately, Laval, Quebec-based Alimentation Couche-Tard Inc. has announced today that it has entered into an agreement with a syndicate of underwriters co-led by National Bank Financial Inc., Scotia Capital Inc., UBS Securities Canada Inc. and HSBC Securities (Canada) Inc., to sell, on a bought deal basis, 6,350,000 Class B subordinate voting shares of Couche-Tard at a price of $47.25 per Share for gross proceeds of $300,037,500.

Net proceeds from the offering will be used by Couche-Tard to pay down a portion of its outstanding long-term debt.

Couche-Tard has also granted the underwriters an option to purchase up to an additional 952,500 shares at a price of $47.25 per share at any time up to 30 days after closing of the offering.

The shares will be offered in all provinces of Canada only, by means of a short-form prospectus. It expects the closing of the offering to occur on or about Aug. 14, 2012.

Couche-Tard has a network of more than 5,800 convenience stores, approximately 4,225 of which include motor fuel dispensing, as well as agreements for the supply of motor fuel to 350 independent operator sites. Couche-Tard's network consists of 13 business units, including nine in the United States covering 42 states and the District of Columbia (primarily under the Circle K flag), and four in Canada covering all 10 provinces (primarily under the Mac's and Couche-Tard flags). Following its acquisition of Statoil, Couche-Tard also operates a retail network across Scandinavia, Poland, the Baltics and Russia with approximately 2,300 stores.