Global Partners LP (NYSE:GLP) (“Global” or the “Partnership”) today
announced that it intends to commence a private offering to eligible
purchasers, subject to market and other conditions, of $375 million in
aggregate principal amount of senior unsecured notes due 2022 (the
“Senior Notes”). Global intends to use the net proceeds from the
offering to repay a portion of the borrowings outstanding under its
revolving credit facility and to repurchase all of its outstanding 8.00%
senior notes and 7.75% senior notes. The Senior Notes will be guaranteed
by certain subsidiaries of Global.
The Senior Notes will be 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
A publicly traded master limited partnership, Global Partners LP is a
midstream logistics and marketing company. Global owns, controls or has
access to one of the largest terminal networks of refined petroleum
products and renewable fuels in the Northeast, and is 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. Global is a leader in the purchasing, selling and logistics of
transporting domestic and Canadian crude oil and other products by rail
across its “virtual pipeline” from the mid-continent region of the U.S.
and Canada to the East and West Coasts for distribution to refiners and
other customers. With a portfolio of approximately 900 locations
primarily in the Northeast, Global also is one of the largest
independent owners, suppliers and operators of gasoline stations and
convenience stores. In addition, Global is a distributor of natural gas
and propane. Global is No. 146 in the Fortune 500 list of America’s
largest corporations. For additional information visit www.globalp.com.
Forward-Looking Statements
This news release may contain forward-looking statements.
Forward-looking statements include, without limitation, any statement
that may project, indicate or imply future results, events, performance
or achievements, and may contain the words “may,” “believe,” “should,”
“could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “will
likely result,” or other similar expressions. In addition, any statement
made by Global Partners LP’s management concerning future financial
performance (including future revenues, earnings or growth rates),
ongoing business strategies or prospects and possible actions by Global
Partners LP or its subsidiaries are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements
are reasonable as and when made, there may be events in the future that
Global Partners LP is not able to predict accurately or control, and
there can be no assurance that future developments affecting Global
Partners LP’s business will be those that it anticipates.
For additional information about risks and uncertainties that could
cause actual results to differ materially from the expectations Global
Partners LP describes in its forward-looking statements, please refer to
Global Partners LP’s Annual Report on Form 10-K and subsequent filings
the Partnership makes with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made.
Global Partners LP expressly disclaims any obligation or undertaking to
update forward-looking statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
Copyright Business Wire 2014