WALTHAM, Mass. – Global Partners LP (NYSE: GLP) is set to tap the debt markets, announcing a planned private offering of $400 million in senior unsecured notes due 2033. The move, subject to market conditions, signals the company’s strategic financial maneuvering in a dynamic energy landscape.
The offering, to be co-issued by GLP Finance Corp. and guaranteed by certain subsidiaries, aims to provide the financing for a concurrent cash tender offer. Global plans to use the proceeds, along with available cash, to repurchase its outstanding $400 million in 7.00% senior notes maturing in 2027. The tender offer’s specifics are outlined in an Offer to Purchase and Notice of Guaranteed Delivery, both dated June 10, 2025.
Should the tender offer fall short, or not be completed, Global intends to redeem any remaining 2027 notes outstanding around August 1, 2025. The Senior Notes will be offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933 (as amended) and to non-U.S. persons in accordance with Regulation S.
This financial strategy underscores Global’s commitment to optimizing its capital structure and managing its debt profile. The offering, if successful, would replace higher-cost debt with potentially more favorable terms, a common move in the current interest rate environment. The successful execution of the note offering and the tender offer would mark a significant step in Global’s financial strategy.
About Global Partners LP
Built on a foundation spanning over nine decades, Global Partners has established itself as a major player in the energy sector. The company operates a range of facilities including liquid energy terminals and retail locations under a portfolio that includes fuels and convenience retail experiences. Global’s storage and distribution network spans a wide geographic footprint, from Maine to Florida, and into the U.S. Gulf States. They supply gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial clients. In addition, Global runs roughly 1,700 retail locations across the Northeast, Mid-Atlantic, and Texas, focusing on serving customers with a combination of fuel and convenience items. The company is expanding and diversifying in line with wider trends in the energy industry.
Forward-Looking Statements
Certain statements in this release can be seen as “forward-looking statements,” including those regarding the offering’s terms and the use of proceeds. Forward-looking statements use terms like “believe,” “expect,” and “intend,” and are based on current expectations of future conditions. Actual outcomes could significantly differ based on several business factors and uncertainties that Global describes in filings with the relevant regulatory authority.
Readers are advised to review the company filings for details on risk and uncertainty. Global does not commit to publicly updating these statements.
View source version on businesswire.com: <a rel="nofollow noopener" href="https://www.businesswire.com/news/home/20250609638094/en/
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800
Source: Global Partners LP
Original article, Author: Jam. If you wish to reprint this article, please indicate the source:https://aicnbc.com/2176.html
