New Issue: Global Partners sells $400 million eight-year notes at par to yield 7%

By Paul A. Harris

Portland, Ore., July 24 – Global Partners LP and GLP Finance Corp. priced a $400 million issue of eight-year senior notes (B2/B+) at par to yield 7% on Wednesday, according to market sources.

The yield printed at the tight end of the 7% to 7¼% yield talk and in line with initial talk in the low 7% area.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG and SG.

The Waltham, Mass.-based energy supply company plans to use the proceeds to fund the tender for its 6¼% senior notes due 2022 and to pay down debt outstanding under its credit agreement.

Issuers:	Global Partners LP and GLP Finance Corp.
Amount:	$400 million
Maturity:	Aug. 1, 2027
Securities:	Senior notes
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG and SG
Co-managers:	BMO Capital Markets Corp., Rabo Securities USA Inc., Santander, Credit Agricole CIB, Capital One Securities Inc., TD Securities (USA) LLC and Regions Securities Inc.
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	504 bps
Call protection:	Three years
Trade date:	July 24
Settlement date:	July 31
Ratings:	Moody's: B2
	S&P: B+
Distribution:	Rule 144A with registration rights
Price talk:	7% to 7¼%
Marketing:	Roadshow

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