GLOBAL PARTNERS LP (GLP): debt financing — Global Partners LP issues $450M of 8.250% senior notes due 2032

GLOBAL PARTNERS LP

$450M aggregate principal of 8.250% senior notes due Jan 15, 2032; interest semi-annual starting July 2024.
Notes are senior unsecured, guaranteed by certain subsidiaries, with optional redemption at varying prices from 2027.
Indenture restricts additional debt, dividends, investments, asset sales; includes change-of-control repurchase at 101%.
Events of default include payment default, covenant breach, bankruptcy, and cross-acceleration on >$50M other debt.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

GLOBAL PARTNERS LP incurred senior notes of $450.0 million aggregate principal amount with Regions Bank at 8.250% per annum maturing January 15, 2032.

Instrument: senior notes
Principal: $450.0 million aggregate principal amount
Counterparty: Regions Bank
Rate: 8.250% per annum
Maturity: January 15, 2032
Event: incurrence

Exact text from the filing

completed their previously announced private placement of $450.0 million aggregate principal amount of the Issuers’ 8.250% senior notes due 2032

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GLOBAL PARTNERS LP entered into Indenture with Regions Bank, as trustee valued at $450.0 million aggregate principal amount (effective 2024-01-18).

Action: entry
Agreement: notes offering
Counterparty: Regions Bank, as trustee
Value: $450.0 million aggregate principal amount
Effective: 2024-01-18

Exact text from the filing

completed their previously announced private placement of $450.0 million aggregate principal amount of the Issuers’ 8.250% senior notes due 2032 (the “ Notes ”). The Notes were issued pursuant to an indenture, dated as of January 18, 2024 (the “ Indenture ”), by and among the Issuers, certain subsidiaries of the Partnership as guarantors (the “ Guarantors ”) and Regions Bank, as trustee.

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Source: SEC EDGAR

accession 0001104659-24-004829

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