A $3.3 billion deal for convenience store giant 7-Eleven to acquire more than 1,100 locations has hit a funding snag, Bloomberg reported
Seven & I Holdings, a Japanese business that owns Irving-based 7-Eleven Inc., announced in April plans to purchase 1,108 units from Sunoco LP (NYSE: SUN).
The transaction, which covers stores in 18 states, was expected to close in the second half of the year.
But a group of creditors has told Sunoco that it will oppose plans to change terms of a credit pact covering about $1.6 billion worth of bonds. The change is needed to complete the sale, according to Bloomberg.
The creditors want more money and better protections in order to agree to the changes, Bloomberg added. The publication cited a person with knowledge with the matter who asked not to be identified.
Shares of Sunoco plummeted Friday on the news, trading down roughly 3 percent by noon.
7-Eleven declined to comment.
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