Sunoco Logistics Partners offering common units

PHILADELPHIA - Petroleum pipeline operator Sunoco Logistics Partners LP said today that it is publicly offering 1.75 million common units.

Underwriters will be granted an option to buy up to 262,500 additional common units.

Sunoco Logistics will use proceeds to reduce debt.

Barclays Capital and UBS Investment Bank are acting as joint book-running managers for the common unit offering.

Shares of Sunoco Logistics rose 63 cents to close at $76.54. The shares tumbled $2.19, or 2.9 percent in after-hours trading.