<SEC-DOCUMENT>0001193125-13-162468.txt : 20130604
<SEC-HEADER>0001193125-13-162468.hdr.sgml : 20130604
<ACCEPTANCE-DATETIME>20130419132001
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ACCESSION NUMBER:		0001193125-13-162468
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUBURBAN PROPANE PARTNERS LP
		CENTRAL INDEX KEY:			0001005210
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-MISCELLANEOUS RETAIL [5900]
		IRS NUMBER:				223410353
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 206
		STREET 2:		240 ROUTE 10 WEST
		CITY:			WIPPANY
		STATE:			NJ
		ZIP:			07981
		BUSINESS PHONE:		9738875300

	MAIL ADDRESS:	
		STREET 1:		ONE SUBURBAN PLZ
		STREET 2:		240 RTE 10 WEST
		CITY:			WHIPPANY
		STATE:			NJ
		ZIP:			07981
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<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;April&nbsp;19, 2013 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attn: William H.
Thompson, Accounting Branch Chief </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Suburban Propane Partners, L.P. </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for Fiscal Year Ended September&nbsp;29, 2012 </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed November&nbsp;28, 2012 </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No.&nbsp;1-14222 </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Thompson:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter responds to the comments of the staff of the Securities and Exchange Commission (the &#147;Staff&#148;) contained
in your letter to Michael J. Dunn,&nbsp;Jr. of Suburban Propane Partners, L.P. (the &#147;Partnership&#148;), dated April&nbsp;10, 2013, relating to the Form 10-K for the fiscal year ended September&nbsp;29, 2012, which was filed on
November&nbsp;28, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Set forth below in bold are each of the comments in the Staff&#146;s letter. Immediately following
each of the Staff&#146;s comments is the Partnership&#146;s response to that comment. For your convenience, each of the numbered paragraphs below corresponds to the numbered comment in the Staff&#146;s comment letter and includes the caption used in
the comment letter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">References in the responses below in this letter to &#147;we&#148;, &#147;our&#148;, &#147;us&#148; or
similar phrases refer to the Partnership. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Notes to Consolidated Financial Statements, page F-7 </U></B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>8. Long-Term Borrowings, page F-20 </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Credit Agreement, page F-22 </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your disclosure that the revolving credit facility and the senior notes both contain various restrictive and affirmative covenants applicable to you and the
operating partnership. Please tell us your consideration of the applicability of the disclosure requirements in Rule 4-08(e) of Regulation S-X. </B></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Partnership&#146;s Response: </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Partnership considered the applicability of the disclosure requirements in Rule 4-08(e) of Regulation S-X as they pertain to the restrictive and affirmative covenants contained in the credit
agreement, as amended, and the indentures governing the senior notes, and concluded that paragraph (1)&nbsp;of Rule 4-08(e) was applicable whereas paragraphs (2)&nbsp;and (3)&nbsp;of Rule 4-08(e) were not applicable. Paragraph (2)&nbsp;was deemed to
be inapplicable because the Partnership does not have an ownership interest in an entity that is accounted for under the equity method and therefore, the Partnership&#146;s retained earnings do not include undistributed earnings of investments
accounted for under the equity method. Paragraph (3)&nbsp;was deemed to be inapplicable because the net assets of consolidated and unconsolidated subsidiaries of the Partnership were not restricted as of September&nbsp;29, 2012. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to the disclosure requirements provided by paragraph (1), we believe that we have adequately disclosed in note 8 to the consolidated
financial statements the material restrictions on the Partnership&#146;s and Operating Partnership&#146;s ability to pay distributions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>12. Commitments and Contingencies, page F-31</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>Contingencies </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Legal Matters, page F-31 </U></B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We note your disclosure with respect to the putative class action litigation that no reserve for a loss contingency other than for legal defense fees and expenses is
required. Please tell us your consideration of providing an estimate of the possible loss or range of loss in excess of amounts accrued or providing a statement that such an estimate cannot be made. Refer to ASC 450-20-50.
</B></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Partnership&#146;s Response: </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In future filings, to the extent applicable, we will disclose information regarding the estimated possible loss or range of loss or a statement that such an estimate cannot be made. In that regard, we
will add the following disclosure with respect to the putative class action litigation in future filings: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Partnership is
unable to reasonably estimate the possible loss or range of loss, if any, arising from this litigation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with
responding to the Staff&#146;s comments, the Partnership hereby acknowledges that the Partnership is responsible for the adequacy and accuracy of the disclosure in its Form 10-K for the fiscal year ended September&nbsp;29, 2012; that Staff comments
or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings; and that the Partnership may not assert Staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We appreciate the Staff&#146;s feedback. If
you have any further questions or comments, please do not hesitate to contact me at (973)&nbsp;887-5300. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Michael Kuglin </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President and Chief Accounting Officer
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">C. Dropkin, Proskauer Rose LLP </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. Chabanel, PricewaterhouseCoopers LLP </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">M. Dunn, Suburban Propane Partners, L.P. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">M. Stivala, Suburban Propane Partners, L.P. </FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">P. Abel, Suburban Propane Partners, L.P. </FONT></TD></TR></TABLE>
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