Sprague Resources LP Announces Amendment To Merger Agreement With Hartree Partners And New Anticipated Closing Timing

PORTSMOUTH, N.H., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Sprague Resources LP (the "Partnership") (NYSE:SRLP) today announced that it has entered into an amendment (the "Amendment") to the agreement and plan of merger (the "Merger Agreement") with an affiliate of Hartree Partners, LP ("Hartree"), pursuant to which Hartree will acquire all of the outstanding common units of the Partnership (the "Common Units") not already owned by Hartree and its affiliates (the "Merger").
 

The Amendment, among other things, provides (i) for an amendment of the date prior to which the Merger may not close without Hartree's consent from July 31, 2022 to November 28, 2022 (the "Inside Date"), (ii) for an amendment of the date after which either party may terminate the Merger Agreement should the Merger have not closed from December 2, 2022 to March 2, 2023, (iii) in addition to the previously agreed merger consideration of $19.00 per Common Unit, that the Partnership's unitholders unaffiliated with Hartree will receive an additional $1.00 per Common Unit in cash as consideration for the amendment to the Inside Date, (iv) for the removal of the closing conditions in the Merger Agreement specific to Hartree, and (v) that the Partnership will pay a cash distribution to its unitholders for the calendar quarter ending September 30, 2022, in an amount not less than $0.4338 per Common Unit, regardless of whether the closing of the Merger occurs prior to September 30, 2022.

Following execution of the Amendment, the Partnership expects that the Merger will close in the fourth quarter of 2022.