Global Partners LP Announces Cash Tender Offer for Any and All Outstanding 6.25% Senior Notes Due 2022
WALTHAM, Mass.--(BUSINESS WIRE)--Jul. 22, 2019-- Global Partners LP (NYSE: GLP) (“Global”) announced today that it has commenced a cash tender offer (the “offer”) to purchase any and all of the outstanding 6.25% Senior Notes due 2022 (the “notes”), co-issued by Global and GLP Finance Corp. (“GLP Finance”), a wholly owned subsidiary of Global. The offer is made pursuant to an Offer to Purchase, a related Letter of Transmittal and a related Notice of Guaranteed Delivery, each dated July 22, 2019, which set forth the complete terms and conditions of the offer.
The offer is scheduled to expire at 5:00 p.m. New York City Time on July 30, 2019, unless extended or earlier terminated as described in the Offer to Purchase (such time and date, as they may be extended, the “Expiration Time”). Holders of notes who validly tender (and do not validly withdraw) their notes prior to the Expiration Time, or who comply with the procedures for guaranteed late delivery in accordance with the instructions described in the Offer to Purchase, will be eligible to receive in cash $1,018.63 for each $1,000 principal amount of notes that are accepted for purchase in the offer, plus accrued and unpaid interest thereon from the last interest payment date up to, but not including, the settlement date for the offer, which is expected to be July 31, 2019. The settlement date for any notes tendered pursuant to a Notice of Guaranteed Delivery is expected to be August 2, 2019.
Certain information regarding the notes and the terms of the offer is summarized in the table below.
Title of Security = 6.25% Senior Notes due 2022
CUSIP Number Principal Amount Outstanding Purchase Price per $1,000 of Notes
37954FAB0 $375,000,000 $1,018.63
Tendered notes may be validly withdrawn at any time (i) prior to the Expiration Time and (ii) after the 60th business day after the commencement of the offer if for any reason the offer has not been consummated within 60 business days after commencement.
The offer is conditioned upon the satisfaction of certain conditions, including the completion of a contemporaneous senior notes offering by Global and GLP Finance on terms and conditions satisfactory to Global. The offer is not conditioned upon any minimum amount of notes being tendered.
The offer may be amended, extended, terminated or withdrawn in Global’s sole discretion.
There is no assurance that the offer will be subscribed for in any amount. Global intends to redeem any of the notes that remain outstanding promptly after expiration of the offer.
