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Bloomberg
Sunoco LP’s bondholders are creating an obstacle for a $3.3 billion deal struck by the company to sell more than 1,100 gas stations and convenience stores to 7-Eleven Inc. A group of creditors has told the
company it intends to oppose Sunoco’s attempt to change the terms of the credit pact governing about $1.6 billion of bonds — a step that Sunoco has said is needed to complete the sale, according to a letter viewed by Bloomberg.
The debtholders are demanding more money and better protections to agree
to the changes in the bond indentures,
according to a person with knowledge of the matter, who asked not to be identified as the information isn’t public.
The company’s shares fell as much as 5.2 percent New York. Sunoco’s attempt to unload its network of gas stations and the stores that go with them showcase an effort by the energy company to refocus its attention on its main business. The shares had surged about 35 percent after Sunoco announced in April its plan to shed its retail business and outlined its goal to operate a simplified business model.