Global Partners LP Prices $100M Preferred Unit Offering
Ticker: GLP-PB · Form: 8-K · Filed: Aug 7, 2024 · CIK: 1323468
| Field | Detail |
|---|---|
| Company | Global Partners LP (GLP-PB) |
| Form Type | 8-K |
| Filed Date | Aug 7, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, preferred-equity, debt-offering
Related Tickers: GLP
TL;DR
GLP priced $100M in preferred units, closing Aug 12, for general partner stuff.
AI Summary
Global Partners LP announced on August 7, 2024, that it has priced its offering of 7.00% Series B Cumulative Redeemable Preferred Units. The offering is expected to close on August 12, 2024, with gross proceeds anticipated to be approximately $100 million. These funds will be used for general partner purposes, including potential acquisitions and working capital.
Why It Matters
This offering provides Global Partners LP with capital for growth initiatives, potentially impacting its future financial performance and investor returns.
Risk Assessment
Risk Level: medium — Preferred unit offerings can dilute existing equity and may indicate a need for capital, but the fixed dividend rate offers some predictability.
Key Numbers
- $100 million — Gross Proceeds (Anticipated funds from the preferred unit offering.)
- 7.00% — Dividend Rate (Coupon rate for the Series B Preferred Units.)
Key Players & Entities
- Global Partners LP (company) — Registrant
- 7.00% Series B Cumulative Redeemable Preferred Units (security) — Offered security
- $100 million (dollar_amount) — Gross proceeds from offering
- August 7, 2024 (date) — Date of report and pricing
- August 12, 2024 (date) — Expected closing date of offering
FAQ
What is the purpose of the funds raised from the preferred unit offering?
The funds will be used for general partner purposes, including potential acquisitions and working capital.
When is the expected closing date for the preferred unit offering?
The offering is expected to close on August 12, 2024.
What is the specific interest rate on the Series B Preferred Units?
The Series B Cumulative Redeemable Preferred Units have a dividend rate of 7.00%.
What is the total amount of gross proceeds expected from this offering?
The gross proceeds are anticipated to be approximately $100 million.
What type of security is Global Partners LP offering?
Global Partners LP is offering 7.00% Series B Cumulative Redeemable Preferred Units.
Filing Stats: 687 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-08-07 08:06:36
Filing Documents
- tm2420898d1_8k.htm (8-K) — 31KB
- tm2420898d1_ex99-1.htm (EX-99.1) — 266KB
- tm2420898d1_ex99-1img001.jpg (GRAPHIC) — 5KB
- tm2420898d1_ex99-1img002.jpg (GRAPHIC) — 3KB
- tm2420898d1_ex99-1img003.jpg (GRAPHIC) — 5KB
- tm2420898d1_ex99-1img004.jpg (GRAPHIC) — 5KB
- 0001104659-24-086553.txt ( ) — 557KB
- glp-20240807.xsd (EX-101.SCH) — 3KB
- glp-20240807_def.xml (EX-101.DEF) — 26KB
- glp-20240807_lab.xml (EX-101.LAB) — 36KB
- glp-20240807_pre.xml (EX-101.PRE) — 25KB
- tm2420898d1_8k_htm.xml (XML) — 6KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition On August 7, 2024, Global Partners LP (the "Partnership") issued a press release announcing its second quarter 2024 financial results. The press release contains measures that may be deemed non-GAAP financial measures as defined in Item 10 of Regulation S-K under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The most directly comparable generally accepted accounting principles ("GAAP") financial measures and information reconciling the GAAP and non-GAAP financial measures are also included in the press release. A copy of the Partnership's press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability 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 Securities Act of 1933, as amended, or the Exchange Act.
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure The information set forth under Item 2.02 of this Current Report on Form 8-K is hereby incorporated in Item 7.01 by reference. The information furnished pursuant to Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability 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 Securities Act of 1933, as amended, or the Exchange Act.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 Global Partners LP Press Release dated August 7, 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: August 7, 2024 By: /s/ Sean T. Geary Sean T. Geary Chief Legal Officer and Secretary