By Paul A. Harris
Portland, Ore., Jan. 3 – Global Partners LP and co-issuer GLP Finance Corp. priced a $450 million issue of eight-year senior notes (B2/B+) at par to yield 8¼%, on Wednesday afternoon, according to market sources.
The notes marched into the secondary market where they were trading at par 7 /8 bid, 101 offered, according to a bond trader.
The yield printed at the tight end of the 8¼% to 8 3/8% yield talk. Initial guidance was 8½% to 8¾%.
Order books were three-times deal size when price talk circulated at midmorning on Wednesday, source said.
The Waltham, Mass.-based independent owners, suppliers and operators of gasoline stations and convenience stores plans to use the proceeds to repay debt under its credit agreement and for general corporate purposes.
| Issuer: | Global Partners LP and GLP Finance Corp.
|
| Amount: | $450 million
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| Securities: | Senior notes
|
| Tenor: | Eight years
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| Bookrunner: | J.P. Morgan Securities LLC (lead)
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| Coupon: | 8¼%
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| Price: | Par
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| Yield: | 8¼%
|
| Call protection: | Three years
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| Trade date: | Jan. 3
|
| Ratings: | Moody’s: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% to 8 3/8%
|
| Marketing: | Roadshow
|
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