Global Partners LP Announces Pricing of Private Offering of Senior Notes
September 23 2020 - 04:46PM
Business Wire
Global Partners LP (NYSE: GLP) (“Global”) today announced that
it has priced its previously announced private offering of $350
million in aggregate principal amount of 6.875% senior unsecured
notes due 2029 (the “Senior Notes”). The Senior Notes will be
co-issued by GLP Finance Corp. and guaranteed by certain other
subsidiaries of Global. The sale of the Senior Notes is expected to
be completed on or about October 7, 2020, subject to customary
closing conditions. The Senior Notes will be issued at par.
Global intends to use the net proceeds from the offering to fund
the redemption of its 7.00% senior notes due 2023 (the “2023
Notes”) and to repay a portion of the borrowings outstanding under
its credit agreement. On September 23, 2020, Global delivered a
conditional notice of redemption, subject to consummation of the
offering of the Senior Notes, for all of the outstanding 2023
Notes. The redemption price for the 2023 Senior Notes is 101.750%
of the principal amount of the 2023 Notes redeemed, plus accrued
and unpaid interest to the redemption date of October 23, 2020.
The Senior Notes are being offered only to persons reasonably
believed to be qualified institutional buyers in reliance upon Rule
144A under the Securities Act of 1933, as amended (the “Securities
Act”), and non-U.S. persons in transactions outside the United
States in reliance upon Regulation S under the Securities Act.
The Senior Notes have not been registered under the Securities
Act or the securities laws of any state and may not be offered or
sold in the United States absent registration or an applicable
exemption from the registration requirements under the Securities
Act and applicable state securities laws.
This announcement shall not constitute an offer to sell, or the
solicitation of an offer to buy, the Senior Notes, nor shall there
be any sale of the Senior Notes in any state in which the offer,
solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast,
Global is one of the region’s largest independent owners, suppliers
and operators of gasoline stations and convenience stores. Global
also owns, controls or has access to one of the largest terminal
networks in New England and New York, through which it distributes
gasoline, distillates, residual oil and renewable fuels to
wholesalers, retailers and commercial customers. In addition,
Global engages in the transportation of petroleum products and
renewable fuels by rail from the mid-continental U.S. and
Canada.
Forward-Looking Statements
Certain statements and information in this press release may
constitute “forward-looking statements,” including statements
regarding the intended use of proceeds. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,”
“would,” “could” or other similar expressions are intended to
identify forward-looking statements, which are generally not
historical in nature. These forward-looking statements are based on
Global’s current expectations and beliefs concerning future
developments and their potential effect on Global. While management
believes that these forward-looking statements are reasonable as
and when made, there can be no assurance that future developments
affecting Global will be those that it anticipates. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond Global’s control) including, without limitation,
the impact and duration of the COVID-19 pandemic, uncertainty
around the timing of an economic recovery in the United States
which will impact the demand for the products Global sells and the
services Global provides, uncertainty around the impact of the
COVID-19 pandemic to Global’s counterparties and its customers and
their corresponding ability to perform their obligations and/or
utilize the products Global sells and services it provides,
uncertainty around the impact and duration of federal, state and
municipal regulations related to the COVID-19 pandemic, and
assumptions that could cause actual results to differ materially
from Global’s historical experience and present expectations or
projections.
For additional information regarding known material factors that
could cause actual results to differ from Global’s projected
results, please see Global’s filings with the SEC, including its
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
Global undertakes no obligation to publicly update or revise any
forward-looking statements after the date they are made, whether as
a result of new information, future events or otherwise.
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Global Partners LP Daphne H. Foster, (781) 894-8800 Chief
Financial Officer or Edward J. Faneuil, (781) 894-8800 Executive
Vice President, General Counsel and Secretary
Global Partners (NYSE:GLP)
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