Debt Offering

Global Partners LP plans a private offering of $400 million in senior unsecured notes due 2033 to refinance existing debt. Proceeds will fund a cash tender offer for outstanding 2027 notes, with any remaining notes redeemed around August 1, 2025. The offering is exclusively for qualified institutional buyers and non-U.S. persons. This strategic move aims to optimize Global’s capital structure and manage its debt profile.

Southern Company priced $1.45 billion in 3.25% Convertible Senior Notes due 2028, a $200 million increase from its initial target. The notes, convertible at $113.54/share (25% premium over May 20 closing price), were issued privately under SEC Rule 144A. Proceeds (~$1.44 billion, rising to $1.63 billion if options are exercised) will refinance existing debt, cover commercial paper, and support corporate activities, including potential subsidiary investments. Southern noted potential stock volatility due to investor hedging adjustments. The offering, set to close by May 23, 2025, excludes public registration, restricting resale under U.S. securities laws.