Global Partners LP Announces Public Offering of Series A Preferred Units
WALTHAM, Mass.--(BUSINESS WIRE)--Jul 31, 2018--Global Partners LP (NYSE:GLP) (“Global” or the “Partnership”) today announced that it has commenced a public offering, subject to market and other conditions, of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference of $25.00 per unit (the “Series A Preferred Units”). Global also intends to grant the underwriters a 30-day option to purchase additional Series A Preferred Units. Global expects to use the net proceeds from this offering to reduce indebtedness under its credit agreement. Stifel, Nicolaus & Company, Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC will act as joint book-running managers for the offering.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The Series A Preferred Units will be offered and sold pursuant to an effective registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This offering may be made only by means of a prospectus supplement and accompanying base prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, which will be filed with the Securities and Exchange Commission.
When available, copies of the prospectus supplement and accompanying base prospectus related to this offering can be obtained from:
Stifel, Nicolaus & Company, Incorporated Attention: Syndicate Department 1 South Street, 15 th Floor Baltimore, Maryland 21202 Email: email@example.com Telephone: (855) 300-7136
Morgan Stanley & Co. LLC Attention: Prospectus Department 180 Varick Street, 2 nd Floor New York, New York 10014 Telephone: (866) 718-1649 Email: firstname.lastname@example.org
UBS Securities LLC Attention: Prospectus Specialist 1285 Avenue of the Americas New York, New York 10019 Telephone: (888) 827-7275
You can also obtain these documents for free by visiting the Securities and Exchange Commission website at www.sec.gov.
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.
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 Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ 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. The Partnership 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180731005575/en/
CONTACT: Global Partners LP
Daphne H. Foster, 781-894-8800
Chief Financial Officer
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: ENERGY OIL/GAS PROFESSIONAL SERVICES FINANCE
SOURCE: Global Partners LP
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PUB: 07/31/2018 09:25 AM/DISC: 07/31/2018 09:25 AM