Sprague Resources ( NYSE: SRLP ) said on Wednesday it has revised its merger plan with Hartree Partners, including an additional $1/unit in cash as consideration for Sprague unitholders unaffiliated with Hartree.
The new plan extends the date prior to which the merger may not close without Hartree's consent to November 28 from July 31, and amends the date after which either party may end the merger agreement to March 2, 2023, from December 2, 2022.
Sprague ( SRLP ) also said it will pay a cash distribution to unitholders for Q3 regardless of whether the merger closes prior to that date; the partnership expects the merger will close in Q4.
Sprague Resources ( SRLP ) slashed its distributions by 35% in 2021 and has been facing a liquidity crisis .
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Sprague Resources, Hartree Partners amend merger deal