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Global Partners LP (NYSE:GLP) ("Global") today announced that it has priced an upsized private offering of $450 million in aggregate principal amount of 7.125% senior unsecured notes due 2033 (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 June 23, 2025, subject to customary closing conditions. The Senior Notes will be issued at par.
Global intends to use the net proceeds from the offering of the Senior Notes to fund the purchase of its outstanding $400 million aggregate principal amount of 7.00% senior notes due 2027 (the "2027 Notes") in a cash tender offer (the "Tender Offer") and to repay a portion of the borrowings outstanding under its credit agreement. The Tender Offer is being made pursuant to an Offer to Purchase and Notice of Guaranteed Delivery, each dated June 10, 2025. To the extent the Tender Offer is not completed or is completed but Global purchases less than all of the 2027 Notes in the Tender Offer, Global intends to use any remaining net proceeds from the offering of the Senior Notes to redeem any 2027 Notes that remain outstanding on or about August 1, 2025.
Posted In: GLP
