WHIPPANY, N.J., Oct. 2 /PRNewswire-FirstCall/ -- Suburban Propane Partners, L.P. (the "Partnership") (NYSE: SPH), a nationwide marketer of propane gas, fuel oil and related products and services, announced today that its operating subsidiary, Suburban Propane, L.P. (the "Operating Partnership"), has completed the previously announced sale of its Tirzah, South Carolina underground granite propane storage cavern, and associated 62- mile pipeline, to Plains LPG Services, L.P. ("Plains") for approximately $54.0 million in cash, after taking into account certain adjustments. The 57.5 million gallon underground storage cavern is connected to the Dixie Pipeline and provides propane storage for the eastern United States. As part of the agreement, the Operating Partnership entered into a long-term storage arrangement with Plains that will enable the Operating Partnership to continue to meet the needs of its retail operations, consistent with past practices.
Suburban Propane Partners, L.P. is a publicly traded Master Limited Partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928. The Partnership serves the energy needs of approximately 1,000,000 residential, commercial, industrial and agricultural customers through more than 300 locations in 30 states.
SOURCE Suburban Propane Partners, L.P. -0- 10/02/2007 /CONTACT: Michael Stivala, Chief Financial Officer & Chief Accounting Officer, Suburban Propane Partners, L.P., +1-973-503-9252/ /Company News On-Call: http://www.prnewswire.com/comp/112074.html/ /Web site: http://suburbanpropane.com/ (SPH) CO: Suburban Propane Partners, L.P.; Suburban Propane, L.P.; Plains LPG Services, L.P. ST: New Jersey IN: FIN OIL SU: CON TNM HR-KM -- NYTU146 -- 1263 10/02/2007 16:40 EDT http://www.prnewswire.com