Intel stock spikes after report of possible US government stake
WALTHAM, Mass. - Global Partners LP (NYSE:GLP), a company with a market capitalization of $1.86 billion, announced today it has priced an upsized private offering of $450 million in 7.125% senior unsecured notes due 2033. The notes will be co-issued by GLP Finance Corp. and guaranteed by certain Global subsidiaries.
The company expects to complete the sale around June 23, 2025, subject to customary closing conditions. The notes will be issued at par.
Global Partners intends to use the proceeds to fund the purchase of its outstanding $400 million in 7.00% senior notes due 2027 through a cash tender offer launched Tuesday. Any remaining proceeds will go toward repaying a portion of borrowings under its credit agreement.
If the tender offer is not fully subscribed, Global plans to use remaining proceeds to redeem any outstanding 2027 notes around August 1, 2025.
The senior notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons in offshore transactions. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.
Global Partners operates 54 liquid energy terminals from Maine to Florida and into the Gulf States, distributing gasoline, distillates, residual oil, and renewable fuels. The company also owns, operates or supplies approximately 1,700 retail locations across the Northeast, Mid-Atlantic, and Texas.
This information is based on a press release statement from Global Partners LP.
In other recent news, Global Partners LP reported its first-quarter 2025 earnings, which showed a notable turnaround with earnings per share (EPS) of $0.36, significantly surpassing the forecasted loss of $0.05. However, the company’s revenue of $4.59 billion fell short of the anticipated $5.65 billion. Despite the earnings beat, Stifel analysts revised the price target for Global Partners shares, reducing it to $53.00 from the previous $56.00 while maintaining a Hold rating. Moody’s Ratings upgraded Global Partners’ Corporate Family Rating from B1 to Ba3, reflecting the company’s strong operating performance and strategic growth. The company’s credit rating improvements also included an upgrade in the Speculative Grade Liquidity rating to SGL-2 from SGL-3. Global Partners’ recent acquisitions and investments have contributed to its increased scale and geographic reach. The company experienced benefits from a colder winter, boosting distillate demand, and positive effects from newly acquired assets. Despite these positive developments, the company acknowledged potential minor impacts from tariffs on consumer behavior at its retail locations.
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