Parkland Corporation Announces Successful Completion of Consent Solicitations for Senior Notes in Connection with the Sunoco Acquisition
CALGARY, AB, June 10, 2025 /PRNewswire/ - Parkland Corporation (TSX: PKI) ("Parkland") today announced that, in connection with its previously announced consent solicitations, it has received the requisite consents to amend the indentures (the "Indentures") governing the notes listed below (the "Notes") as reported by the tabulation agents and as contemplated by such consent solicitations. The consent solicitations were made in connection with Parkland's definitive agreement whereby Sunoco LP ("Sunoco") will acquire the issued and outstanding common shares of Parkland (the "Transaction"), which was previously announced on May 5, 2025.
As a result, Parkland will execute amendments to the indentures governing the Notes to (collectively, the "Proposed COC Amendments"):
(a) eliminate Parkland's potential obligation under such Indenture to make a "Change of Control Offer" (as defined in such Indenture) as a result of the Transaction; and
(b) amend the defined term "Change of Control" in such Indenture to provide that Sunoco and its affiliates will be "Qualified Owners" of Parkland.
Series of Notes (US dollar denominated)
Series of Notes (Canadian dollar denominated)
5.875% Senior Notes due 2027
6.000% Senior Notes due 2028
4.500% Senior Notes due 2029
4.375% Senior Notes due 2029
4.625% Senior Notes due 20306.625% Senior Notes due 2032The consent solicitations expired as of 5:00 p.m., Eastern Daylight Time, on June 9, 2025 (the "Expiration Date"). Parkland, the applicable Guarantors and the applicable trustee will execute supplemental indentures for each series of Notes to amend the applicable indentures as described above. Each supplemental indenture will be effective when executed but will not become operative if the Transaction is not consummated or if the applicable consent fees are not paid to the applicable depositary or tabulation agent.
Subject to the terms and conditions of the applicable consent solicitation, Parkland will pay the applicable consent fees to the applicable depositary or tabulation agent for distribution to holders of the Notes who delivered valid and unrevoked consents prior to the Expiration Date. For each US$1,000 principal amount of US dollar denominated notes or C$1,000 principal amount of Canadian dollar denominated notes, as applicable, US$0.50 or C$0.50 of the consent fees, as applicable for each series of Notes, shall be due and payable promptly (and in any event within three business days) after the applicable Expiration Date, and US$0.50 or C$0.50 of the consent fees, as applicable for each series of Notes, shall be due and payable on or prior to the closing date of the Transaction (or as promptly as practicable thereafter).
This press release is for informational purposes only and does not amend the consent solicitations, which have expired and were made solely on the terms and subject to the conditions set forth in the consent solicitation statement. Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. The consent solicitation statement does not constitute a solicitation of consents in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable securities laws. Barclays Capital Inc. and RBC Capital Markets, LLC / RBC Dominion Securities Inc. are serving as solicitation agents with respect to the consent solicitations. D.F. King & Co., Inc. is serving as information agent and tabulation agent in connection with the consent solicitations with respect to the US dollar denominated Notes. Computershare Investor Services Inc. is serving as tabulation agent in connection with the consent solicitations with respect to the Canadian dollar denominated Notes. Questions or requests for assistance related to the consent solicitations or for a copy of the consent solicitation statement and other related documents may be directed to Barclays Capital Inc. at (212) 528-7581 and RBC Capital Markets, LLC / RBC Dominion Securities Inc. at (212) 618-7843 and (416) 842-6311, respectively, or to D.F. King & Co., Inc. at (212) 269-5550 and (800) 659-5550.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking information and statements (collectively, "forward-looking statements"). When used in this news release, the words "believes", "expects", "expected", "will", "plan", "intends", "target", "would", "seek", "could", "projects", "projected", "anticipates", "estimates", "continues" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: the Transaction and the consent solicitations.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements regarding the consummation of the Transaction, the consent solicitations, including the timing thereof, and the Proposed COC Amendments. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties. For more information, please see the risks and uncertainties described under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form dated March 5, 2025, and under the headings "Forward-Looking Information" and "Risk Factors" included in the Q1 2025 Management's Discussion and Analysis dated May 5, 2025, each as filed on SEDAR+ and available on Parkland's website at www.parkland.ca.
The forward-looking statements contained herein are expressly qualified by this cautionary statement.
About Parkland Corporation
Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.
View original content to download multimedia:https://www.prnewswire.com/news-releases/parkland-corporation-announces-successful-completion-of-consent-solicitations-for-senior-notes-in-connection-with-the-sunoco-acquisition-302477071.html
SOURCE Parkland Corporation
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
30 minutes ago
- Yahoo
EU could impose Russian oil price cap without US support, Kallas says
The European Union can impose an additional price cap on Russian oil without U.S. support, EU High Representative Kaja Kallas said at the Brussels Forum on June 11. "If you think about the oil going through the channels, it's mostly Europe, it's via the Baltic Sea, it's via the Black Sea. So even if the Americans are not on board, we can still do it and have an impact," Kallas said. The EU's 17th package of sanctions against Russia came into effect on May 20. The bloc is already working on its next wave of sanctions. The 18th EU sanctions package will include additional restrictions on energy, banking, oil, and other areas, European Commission President Ursula von der Leyen announced on June 10. "What the intelligence tells is that, now the sanctions will (harder hit) the supply chains of Russia needed to really fund this war," Kallas said. "Of course, it is important the United States... is together with us, and we have been operating together for quite some time," she said. Kallas noted the Group of Seven (G7) oil price cap was previously agreed upon to be 5% below the market price. "It is important, of course, what we do together, but it is also equally important for us what we do alone, because we alone are also a player," Kallas said. Kallas noted the EU is still an ally to the U.S., but recognized the dynamic between the two powers is changing. "We still value the relationship... I think with the Americans we are not growing apart, but growing up in our relationships," Kallas said. The upcoming G7 summit will take place in Alberta, Canada. A wide range of topics, including Russia's war against Ukraine, are expected to be discussed at the annual event. President Volodymyr Zelensky previously confirmed he would be attending the G7 summit after receiving an invitation from Canadian Prime Minister Mark Carney. Read also: 'Ukrainians have been stripped of illusion of control' — Filmmaker Kateryna Gornostai on Russia's war, cinema and reclaiming the narrative We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
30 minutes ago
- Yahoo
Ivanhoe restarts part of Congo copper mine; cuts output guidance
By Rishabh Jaiswal and Divya Rajagopal (Reuters) -Ivanhoe Mines said on Wednesday it had resumed underground mining in part of its Kakula copper mine in the Democratic Republic of Congo that had been closed due to seismic activity, but lowered output guidance for the year. Mining on the mine's western side resumed on June 7, while Ivanhoe will start pumping water out of the eastern side in August, aiming to finish by the year's fourth quarter. It will also look to open a new section for mining in the eastern part. The Kakula mine is part of the giant Kamoa-Kakula copper mining complex. The Canadian miner said it now expects 370,000 tons and 420,000 tons of copper output from the Kamoa-Kakula mining complex. It had withdrawn earlier guidance of 520,000 and 580,000 tonnes following seismic activity and floods in May. The company also withdrew its 2026 target of about 600,000 tonnes of copper production. "This is a significant setback for the plans at Kamoa-Kakula and leaves uncertainty about 2026 and beyond production and whether mining can resume in the previously developed area of Kakula East," analysts at RBC said in a note. The disruption is the latest in a series of supply-side setbacks that has tightened global copper supply, helping to drive margins for smelters into deeply negative territory. Co-owner Zijin Mining has not issued any statements on the mine's status since May, when it said the tremors had damaged mine roofs and could affect output. Ivanhoe subsequently disputed Zijin's statement, although it later withdrew guidance. Zijin did not immediately respond to an emailed request for comment about Ivanhoe's latest statement.
Yahoo
35 minutes ago
- Yahoo
Coaching seen as key priority for the future workplace, yet more than half of business leaders lack the formal training
Coaching (34%) emerges as one of the top initiatives business leaders foresee their organisation prioritising in the next five years. Majority of business leaders (94%) and employees (92%) believe that coaching benefits individuals across all levels and job roles, with most viewing it as essential for personal and professional development (85% of leaders, 80% of employees). About nine in ten business leaders and employees agree that all leaders should possess coaching skills (90% business leaders, 92% employees). However, a quarter (27%) of business leaders neither have the skills to coach nor have received formal training. Over half of business leaders (55%) report having the skills to coach but have not received formal training to be a certified coach. About three in four business leaders (74%) and around half of employees (52%) are interested in developing coaching skills to support others in their organisation, even if they do not plan on becoming a full-time coach. SINGAPORE, June 12, 2025 /PRNewswire/ -- In today's dynamic workplace, coaching (34%) emerges as one of the top initiatives business leaders foresee their organisation prioritising in the next five years, alongside training (41%), and feedback mechanisms (38%). According to the majority of business leaders (94%) and employees (92%), individuals across all levels and job roles can benefit from coaching, with most perceiving it as important for their personal and professional development (85% of business leaders, 80% of employees). In driving organisational growth, about nine in ten business leaders and employees (90% business leaders, 92% employees) agree that all leaders should possess coaching skills. Yet, a quarter of business leaders (27%) lack both coaching skills and formal training, while over half (55%) report having the relevant skills but are not formally certified. Moreover, there is interest in developing coaching skills not only among business leaders but also employees, highlighting that coaching is an in-demand skill across the workforce. About three in four business leaders (74%) and around half of employees (52%) are interested in developing coaching skills to support others in their organisation, even if they do not plan on becoming a full-time coach. These are some of the key findings from NTUC LearningHub's Leadership and Coaching Report, based on a survey involving 150 business leaders and 300 full-time working professionals. The report investigates the essential skills and competencies that leaders must cultivate, while exploring the critical role of coaching in talent and organisational development across all levels and roles. In developing their own capabilities, nearly nine in ten business leaders (17% very important, 71% important) and employees (17% very important, 71% important) believe coaching is essential in bridging the gaps in their personal leadership skills. Powerful questioning (51% business leaders, 40% employees), relationship management (47% business leaders, 47% employees), effective communication (44% business leaders, 59% employees), active listening (38% business leaders, 49% employees) and giving constructive feedback (39% business leaders, 48% employees) are the top five coaching-related technical skills both business leaders and employees find useful. In addition, about two in three business leaders (13% very interested, 53% interested) and about two in five employees (4% interested, 36% interested) are interested in becoming certified coaches. The top coaching areas that both leaders and employees are keen to specialise in include leadership coaching (51% business leaders, 29% employees), team performance coaching (39% business leaders, 25% employees), career coaching (35% business leaders, 34% employees), and personal/life coaching (30% business leaders, 37% employees). Commenting on the report's findings, Mr Amos Tan, Assistant Chief Executive and Chief Core Skills Officer, NTUC LearningHub, says, "The findings from the report underscore that coaching has evolved from a "nice to have" skill to a vital enabler of effective leadership, equipping leaders to strengthen team dynamics and navigate complex challenges in today's world with agility. At the same time, coaching skills are not exclusively for leaders, as employees can also develop these skills to uplift peers and support others at the workplace. Organisations should leverage this keen interest in learning to use coaching as a powerful catalyst for individual growth and organisational success, through active listening, purposeful questioning and thoughtful guidance. Therefore, coaching initiatives should be designed to be accessible and inclusive, ensuring widespread impact such that every employee can benefit. By placing coaching and leadership development at the forefront, businesses can nurture resilient leadership, build high-performing teams, and unlock the potential of their workforce both in the present and over the long term." To download the Leadership and Coaching Report, please visit To find out more about the courses, training, and grants, please contact NTUC LearningHub at About NTUC LearningHub NTUC LearningHub is the leading Continuing Education and Training provider in Singapore which aims to transform the lifelong employability of working people. Since our corporatisation in 2004, we have been working with employers and individual learners to provide learning solutions in areas such as Infocomm Technology, Generative AI & Cloud, Healthcare, Retail & Food Services, Employability & Literacy, Business Excellence, Workplace Safety & Health, Security, Human Resources & Coaching and Foreign Workers Training. To date, NTUC LearningHub has helped over 34,000 organisations and achieved more than 3.2 million training places across more than 1,000 courses with a pool of about 1,000 certified trainers. As a Total Learning Solutions provider to organisations, we also forge partnerships to offer a wide range of relevant end-to-end training. Besides in-person training, we also offer instructor-led virtual live classes (VLCs) and asynchronous online learning. The NTUC LearningHub Learning eXperience Platform (LXP) — a one-stop online learning platform — offers timely, bite-sized and quality content for learners to upskill anytime and anywhere. Beyond learning, LXP also serves as a platform for jobs and skills development for both workers and companies. For more information, visit View original content to download multimedia: SOURCE NTUC LearningHub Pte Ltd
