Lehigh Gas Partners LP: Announces Pricing of Public Offering of Common Units

 

LEHIGH GAS PARTNERS LP ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON UNITS

ALLENTOWN, PA (December 5, 2013) - Lehigh Gas Partners LP (NYSE: LGP) (the "Partnership" or "Lehigh Gas Partners") announced today that it has priced its previously announced public offering of 3,100,000 common units representing limited partner interests in the Partnership at a price to the public of $26.90 per common unit.  The Partnership expects the offering to close on December 10, 2013, subject to customary closing conditions. The Partnership has granted the underwriters a 30-day option to purchase up to an additional 465,000 common units. The Partnership expects to receive net proceeds of approximately $79.6 million (or approximately $91.6 million if the underwriters exercise their option to purchase an additional 465,000 common units), after deducting underwriting discounts and commissions and estimated offering expenses.  

The Partnership intends to use the net proceeds from this offering to reduce indebtedness outstanding under its credit facility and for general partnership purposes.  

The common units will be offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC").  The offering may be made only by means of a prospectus supplement, filed with the SEC, and the related prospectus.  Raymond James & Associates, Inc., Barclays Capital Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering, and Robert W. Baird & Co. Incorporated and Janney Montgomery Scott LLC are acting as co-managers for the offering. A copy of the prospectus supplement and prospectus, when available, may be obtained from:

Raymond James & Associates, Inc.
880 Carillon Parkway
St. Petersburg, Florida 33716
1-800-248-8863
prospectus@raymondjames.com

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
1-888-603-5847
Barclaysprospectus@broadridge.com

Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, New York 10014

Wells Fargo Securities, LLC
Attn: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Telephone: (800) 326-5897
Email: cmclientsupport@wellsfargo.com

An electronic copy of the prospectus supplement and accompanying prospectus may also be obtained at no charge at the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  The offering may be made only by means of a prospectus supplement and accompanying prospectus, each of which is part of an effective shelf registration statement filed by the Partnership with the SEC.

Investor Contact

Karen Yeakel
Vice President, Investor Relations
Lehigh Gas Partners
610-625-8126
kyeakel@lehighgas.com

Forward Looking and Cautionary Statements

This press release and oral statements made regarding the subjects of this release may contain forward-looking statements, which may include, but are not limited to, statements regarding the Partnership's plans, objectives, expectations and intentions and other statements that are not historical facts, including statements identified by words such as "outlook," "intends," "plans," "estimates," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "anticipates," "foresees," or the negative version of these words or other comparable expressions. All statements addressing operating performance, events, or developments that the Partnership expects or anticipates will occur in the future, including statements relating to revenue growth and earnings or earnings per unit growth, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements. The forward-looking statements are based upon the Partnership's current views and assumptions regarding future events and operating performance and are inherently subject to significant business, economic and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Partnership's control. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Partnership on its website or otherwise. The Partnership does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although the Partnership does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Partnership cannot guarantee their accuracy. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the factors discussed in this report and those described in the "Risk Factors" section of the Partnership's Form 10-K filed on March 28, 2013 with the SEC as well as in the Partnership's other filings with the SEC. No undue reliance should be placed on any forward-looking statements.