Chicago, March 17 – Global Partners LP sold $75 million, or 3 million shares, of $25-par series B fixed rate cumulative redeemable perpetual preferred units with a 9.5% dividend, according to a press release and 424B3 filing with the Securities and Exchange Commission on Wednesday.
The preferreds are callable at any time beginning May 15, 2026 at par. They may also be redeemed upon a change-of-control event.
Stifel Nicolaus & Co. Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.
BNP Paribas Securities Corp., Ladenburg Thalmann & Co., Inc., MUFG, Janney Montgomery Scott LLC and SG Americas Securities LLC are co-managers.
Distributions will be payable on Feb. 15, May 15, Aug. 15 and Nov. 15, beginning May 15.
The preferreds are expected to be listed on the New York Stock Exchange under the symbol “GLPPrB.”
Global Partners plans to use the proceeds to reduce debt under its credit agreement.
Global Partners is a Waltham, Mass.-based midstream logistics and marketing company.
| Issuer: | Global Partners LP
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| Description: | Series B fixed-rate cumulative redeemable perpetual preferred units
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| Amount: | $75 million, or 3 million shares
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| Maturity: | Perpetual
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| Bookrunners: | Stifel Nicolaus & Co. Inc. and Morgan Stanley & Co. LLC
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| Co-managers: | BNP Paribas Securities Corp., Ladenburg Thalmann & Co., Inc., MUFG, Janney Montgomery Scott LLC and SG Americas Securities LLC
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| Dividend: | 9.5%
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| Price: | Par of $25.00
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| Call: | On or after May 15, 2026 at par
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| Pricing date: | March 17
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| Settlement date: | March 24
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| Distribution: | SEC Registered
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| Listing: | NYSE: GLPPrB
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