Business Services Industry

Star Gas Partners Prices Offering of One Million Common Units At $16.125 Per Unit

Business Wire, August 18, 1999

STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 18, 1999--

Star Gas Partners, L.P. (the "Partnership") (NYSE:SGU, SGH) announced today that it has priced its offering of one million Common Units of limited partner interests at $16.125. The Offering is being managed by A.G. Edwards & Sons, Inc. and PaineWebber Incorporated.

The net proceeds will primarily be used to fund the Partnership's ongoing acquisition and internal growth programs - including the pending acquisition of a retail propane distributor in Star's midwest operating area. Pending such uses, these funds will be used to reduce the balances outstanding under the Partnership's revolving acquisition and working capital facilities and for general corporate purposes. Since April 1, 1999, the Partnership has completed or signed acquisition agreements for an aggregate purchase price of approximately $14.0 million.

Copies of the final prospectus relating to this offering may be obtained from the offices of A.G. Edwards & Sons, Inc., One North Jefferson Avenue, St. Louis, MO 63103, or from the offices of PaineWebber Incorporated, 1285 Avenue of the Americas, New York, NY 10019.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

Star Gas Partners, L.P., is a leading distributor of home heating oil and propane and has been an active consolidator in these industries. Through its wholly owned Petro subsidiary, Star is the nation's largest retail distributor of home heating oil, serving approximately 335,000 customers in the Northeast and Mid-Atlantic. Star is the nation's eighth largest retail propane distributor, serving approximately 180,000 customers throughout the Midwest and Northeast.

COPYRIGHT 1999 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning

 

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