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| SXL > SEC Filings for SXL > Form 8-K on 20-Nov-2008 | All Recent SEC Filings |
20-Nov-2008
Creation of a Direct Financial Obligation or an Obligation under an
On November 18, 2008, Sunoco Pipeline L.P. and Sunoco Partners Marketing & Terminals L.P., each subsidiaries of Sunoco Logistics Partners L.P. (the "Partnership"), purchased the MagTex refined products pipeline system, associated terminal facilities in Texas and Louisiana, and other related assets from affiliates of ExxonMobil Corporation for an aggregate purchase price of $184.2 million. This purchase was financed with a borrowing under the August 8, 2007 Credit Agreement by and among the Partnership, its subsidiary, Sunoco Logistics Partners Operations L.P., Citbank, N.A. and certain other lenders (the "Credit Facility"). The terms and conditions of the MagTex acquisition were previously described in the Partnership's Form 8-K, filed on April 30, 2008. The terms and provisions of the Credit Facility are described in the Partnership's annual report on Form 10-K, filed February 26, 2008. The Credit Facility is attached as an exhibit to the Partnership's Form 10-Q/A, filed on November 19, 2007.
On November 18, 2008, the Partnership's general partner approved and executed Amendment No. 2 (the "Amendment") to the Second Amended and Restated Agreement of Limited Partnership of the Partnership (the "Partnership Agreement"). Under the terms of this Amendment, the amounts payable pursuant to the incentive distribution rights of the Partnership under the Partnership Agreement shall be adjusted commencing with the payment of the fifth quarterly distribution paid after the MagTex acquisition closing date ("MagTex Closing Date"). There shall be no reductions in incentive distribution rights for each of the first four quarters, commencing with and including the quarter in which the MagTex Closing Date occurs. Thereafter, distributions shall be reduced by $485,333 for each of the successive 12 quarters, for an aggregate reduction of $5,500,000 over the 16 quarter period.
A copy of the Amendment is filed as Exhibit 3.1 to this report and is incorporated herein by reference.
On November 18, 2008, the Partnership announced that it had completed its acquisition of the MagTex pipeline system, associated terminal facilities and other related assets as described in Item 2.03 above.
A copy of the press release announcing the completion of the acquisition is attached as Exhibit 99.1 and is incorporated herein by reference.
The information in this report, being furnished pursuant to Items 8.01 and 9.01 of Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
(d) Exhibits.
3.1 Amendment No. 2 to the Second Amended and Restated Agreement of Limited Partnership of Sunoco Logistics Partners L.P.
99.1 Press release dated November 18, 2008
The information in this report, being furnished pursuant to Item 9.01 of Form 8-K, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
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