Global Partners LP (GLP), along with its wholly owned subsidiary GLP Finance Corp., has initiated a cash tender offer to repurchase all outstanding 7.00 percent Senior Notes due 2027.
The offer, outlined in documents dated June 10, 2025, is open until 5:00 p.m. ET on June 16, 2025, unless extended or terminated earlier. The purchase price for each $1,000 principal amount will be calculated based on a fixed spread over U.S. Treasury yields, using the 0.250 percent UST due July 31, 2025 as the reference, with pricing determined on June 16.
In addition to the purchase price, holders whose notes are accepted will receive accrued and unpaid interest up to, but not including the expected settlement date of June 23, 2025. Notes submitted via guaranteed delivery will also settle on June 23, 2025.
The notes are callable starting August 1, 2025, at par, and if not all are repurchased through this offer, Global may redeem the remaining balance around that date. Participation in the offer is not mandatory, and holders are urged to consult their advisors before making a decision.
Tuesday, GLP closed 1.70% higher at $50.23 and continued to climb after hours, trading at $50.72, up 0.98% on the NYSE.
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