CST Brands Inc. has announced that the independent executive committee of its board of directors has approved a purchase program authorizing CST Brands and its subsidiaries to purchase up to an aggregate of $50 million of common units representing limited partner interests in CrossAmerica Partners LP (the Partnership).
“The CrossAmerica unit price presents an attractive investment yield and this plan reinforces CST’s continued support of CrossAmerica and is in recognition of the strength of the Partnership’s long term business strategies,” said Kim Lubel, chairman and CEO of CST Brands.
CST Brands owns and controls the general partner of the Partnership.
As of Sept. 18, 2015, the Partnership had 33,144,683 total units outstanding (includes both common and subordinated units). CST Brands is the beneficial owner of 5,284,308 common units of CrossAmerica Partners LP, representing a 15.9% ownership interest in the outstanding limited partner interests of CrossAmerica Partners LP.
CST Brands Inc. is one of the largest independent retailers of motor fuels and convenience merchandise in North America. Based in San Antonio, Texas, CST employs over 14,000 Team Members at approximately 1,900 locations throughout the Southwestern United States, New York and Eastern Canada offering a broad array of convenience merchandise, beverages, snacks and fresh food.