* Secondary offering by Sunoco Partners LLC * Says not to get any proceeds from units sale * Shares fall 4 pct in after-market trade
Feb 1 (Reuters) - Sunoco Logistics Partners LP said Sunoco Partners LLC, its general partner and an indirect subsidiary of Sunoco Inc, began a secondary offering of 2.2 million units, sending its shares down 4 percent.
The company said it will not get any of the proceeds from the offering, and its outstanding units will remain unchanged.
The oil and gas pipeline operator said the underwriters will have an over-allotment option of 330,000 units.
Barclays Capital, Citi, Credit Suisse and Wells Fargo Securities are the joint book-running managers for the offering, the company said.
Last week, the Philadelphia-based company posted a lower-than-expected fourth-quarter profit as weaker crude oil prices weighed on its key crude oil pipeline division.
Shares of the company fell 4 percent to $68.30 in trading after the bell. They closed at $71.04 in regular trading Monday on the New York Stock Exchange.
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Gopakumar Warrier) Keywords: SUNOCOLOGISTICS/ (thyagaraju.adinarayan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:thyagaraju.adinarayan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Feb 1 (Reuters) - Sunoco Logistics Partners LP said Sunoco Partners LLC, its general partner and an indirect subsidiary of Sunoco Inc, began a secondary offering of 2.2 million units, sending its shares down 4 percent.
The company said it will not get any of the proceeds from the offering, and its outstanding units will remain unchanged.
The oil and gas pipeline operator said the underwriters will have an over-allotment option of 330,000 units.
Barclays Capital, Citi, Credit Suisse and Wells Fargo Securities are the joint book-running managers for the offering, the company said.
Last week, the Philadelphia-based company posted a lower-than-expected fourth-quarter profit as weaker crude oil prices weighed on its key crude oil pipeline division.
Shares of the company fell 4 percent to $68.30 in trading after the bell. They closed at $71.04 in regular trading Monday on the New York Stock Exchange.
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Gopakumar Warrier) Keywords: SUNOCOLOGISTICS/ (thyagaraju.adinarayan@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:thyagaraju.adinarayan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.