Vinson & Elkins has represented Sunoco LP in a series of capital markets financings totaling $3.4 billion. This includes an upsized, multi-tranche offering of $1.9 billion in senior notes and an upsized preferred equity offering amounting to $1.5 billion of 7.875% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units.
According to the announcement, Sunoco plans to use the proceeds from these offerings primarily to fund the cash consideration for its pending acquisition of Parkland Corporation and cover related transaction costs. Any remaining funds will be allocated for general corporate purposes. The pricing for these offerings was completed on September 4, 2025, with closing expected on September 18, 2025, subject to customary conditions.
The Vinson & Elkins team advising on the transactions was led by partners Jackson O’Maley, Ben Heriaud, Ramey Layne, and David Stone. They were supported by associates Walt Baker, Patience Li, Rachel Campbell Alexander, and Ethan Twining; partner Caitlin Turner with associates Cam Viney and Sara Johnson; partners Wendy Salinas and Ryan Carney along with senior associates Dan Henderson and Lauren Nieman and associates Addyson Jackson and Tripp Haskins; counsel Missy Spohn with associate Henry Crowell; partner Thomas Knight with associate Ryan Hoeffner; partner Matt Dobbins with associate Alexis Boyd; as well as partner Joyce Adetutu.