Global Partners LP Acquires Full Control of Ethanol JV

TL;DR

GLP buys out JV partner, taking full control of South Boston Ethanol.

AI Summary

Global Partners LP announced on April 15, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in its South Boston Ethanol joint venture from its partner, The Bardin Group. This acquisition is expected to be funded through a combination of cash on hand and borrowings under its revolving credit facility.

Why It Matters

This move consolidates Global Partners' ownership of a key asset, potentially leading to greater operational control and financial integration of the ethanol business.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of a completed acquisition within an existing joint venture, with no immediate negative financial indicators presented.

Key Players & Entities

• Global Partners LP (company) — Registrant
• The Bardin Group (company) — Joint Venture Partner
• South Boston Ethanol (company) — Joint Venture
• April 15, 2024 (date) — Report Date

FAQ

Key Financial Figures

• $25.00 — referred Units at a redemption price of $25.00 per unit, plus a cash distribution for
• $0.514275 — rice in full and a cash distribution of $0.514275 per Series A preferred unit by the clos
• $0.59375 — clared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annuali
• $2.375 — cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the

Filing Documents

• tm2411381d2_8k.htm (8-K) — 32KB
• tm2411381d2_ex99-1.htm (EX-99.1) — 10KB
• tm2411381d2_ex99-1img003.jpg (GRAPHIC) — 52KB
• tm2411381d2_ex99-1img004.jpg (GRAPHIC) — 46KB
• 0001104659-24-047025.txt ( ) — 404KB
• glp-20240415.xsd (EX-101.SCH) — 3KB
• glp-20240415_def.xml (EX-101.DEF) — 27KB
• glp-20240415_lab.xml (EX-101.LAB) — 36KB
• glp-20240415_pre.xml (EX-101.PRE) — 25KB
• tm2411381d2_8k_htm.xml (XML) — 7KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure On March 15, 2024, Global Partners LP (the "Partnership") issued a press release announcing the redemption on April 15, 2024 of all its issued and outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units at a redemption price of $25.00 per unit, plus a cash distribution for the period from February 15, 2024 through April 14, 2024, less any applicable tax withholding as required by law. The Partnership will pay such redemption price in full and a cash distribution of $0.514275 per Series A preferred unit by the close of business on April 15, 2024. After the redemption on April 15, 2024, the Series A preferred units will no longer be outstanding. On April 15, 2024, the Partnership issued a press release announcing that the Board of Directors of its general partner, Global GP LLC, declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnership's 9.50% fixed-rate Series B preferred units for the period from February 15, 2024 through May 14, 2024. On May 15, 2024, the Partnership will pay such cash distribution to its Series B preferred unitholders of record as of the opening of business on May 1, 2024. A copy of the Partnership's press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless the Partnership specifically states that the information is to be considered "filed" under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibit 99.1 Global Partners LP Press Release dated April 15, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GLOBAL PARTNERS LP By: Global GP LLC its general partner Dated: April 15, 2024 By: /s/ Sean T. Geary Sean T. Geary Chief Legal Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR