WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE:GLP) announced that it has priced an offering of 2,400,000 of its 9.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference of $25.00 per unit (the “Series A Preferred Units”), at $25.00 per Series A Preferred Unit in an offering registered under the Securities Act of 1933, as amended. In connection with the offering, Global granted the underwriters a 30-day option to purchase up to 360,000 additional Series A Preferred Units. Distributions on the Series A Preferred Units will be payable quarterly and are cumulative from and including the date of original issue to, but excluding, August 15, 2023 at a fixed rate of 9.75% per annum of the stated liquidation preference of $25.00. On and after August 15, 2023, distributions on the Series A Preferred Units will accumulate for each distribution period at an annual floating rate equal to the three-month LIBOR plus a spread of 6.774%. Global intends to use the net proceeds from this offering to reduce indebtedness under its credit agreement. Global expects to close the sale of Series A Preferred Units on August 7, 2018, subject to the satisfaction of customary closing conditions.
Stifel, Nicolaus & Company, Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC are acting as joint book-running managers for the offering.
About Global Partners LP
Global Partners is a midstream logistics and marketing master limited partnership that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest regional independent owners, suppliers and operators of gasoline stations and convenience stores. Global is also one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. The Partnership is also engaged in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada.
