Market Overview

Global Partners LP Prices Public Offering of Series A Preferred Units

Share:

Global Partners LP (NYSE:GLP) ("Global" or the "Partnership") today
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.

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 are being 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, 15th Floor
Baltimore,
Maryland 21202
Email: syndprospectus@stifel.com
Telephone:
(855) 300-7136

Morgan Stanley & Co. LLC
Attention: Prospectus Department
180
Varick Street, 2nd Floor
New York, New York 10014
Telephone:
(866) 718-1649
Email: prospectus@morganstanley.com

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.

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 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 Comments and Join the Discussion!