09:04 AM EDT, 08/12/2024 (MT Newswires) -- Parkland (PKI.TO) said Monday that it plans to launch a private offering of US$500 million aggregate principal amount of senior unsecured notes due 2032.

The energy and retail company said it will use the proceeds to repay a portion of the outstanding drawings under its credit facilities.

The announcement comes after Canadian media reported last week that Parkland rebuffed a takeover offer worth nearly $8 billion from Texas-based Sunoco last year. Parkland's share price rose 2.2% to $36.13 last Friday, giving it a market capitalization of nearly $6.3 billion.