Global Partners LP’s $350 Million Notes Offering


Baker Botts LLP advised the initial purchasers on the deal.

Global Partners LP (NYSE: GLP) (“Global”) announced the pricing of an offering of $350 million in aggregate principal amount of 6.875% Senior Notes due 2029 (the “Notes”) in a Rule 144A offering that is exempt from the registration requirements of the Securities Act. The Notes will be co-issued by GLP Finance Corp. and guaranteed by certain other subsidiaries of Global. The offering is expected to close on October 7, 2020, subject to the satisfaction of customary closing conditions.

Global expects to use the net proceeds from this offering to fund the redemption of its 7.00% senior notes due 2023 and to repay a portion of borrowings outstanding under its credit agreement.

The initial purchasers: BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG Securities Americas Inc., SG Americas Securities, LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC acted as joint book-running managers. Credit Agricole Securities (USA) Inc., Rabo Securities USA, Inc., Santander Investment Securities Inc., Capital One Securities, Inc. and Regions Securities LLC acted as co-managers.

The Baker Botts team was led by Josh Davidson (Picture) and also included Justin Hoffman, Jamie Yarbrough, Parker Hinman, Sean Aguirre, Chuck Campbell, Matt Kuryla and Harrison Reback.

Involved fees earner: Sean Aguirre – Baker Botts; Chuck Campbell – Baker Botts; Joshua Davidson – Baker Botts; Parker Hinman – Baker Botts; Justin Hoffman – Baker Botts; Matthew Kuryla – Baker Botts; Harrison Reback – Baker Botts; Jamie Yarbrough – Baker Botts;

Law Firms: Baker Botts;

Clients: Bank of America Securities; BMO Capital Markets; BNP Paribas Securities; Capital One Securities; Citizens Capital Markets; Credit Agricole Securities (USA) Inc.; J.P. Morgan Securities LLC; MUFG Securities Americas Inc. ; Rabo Securities; Regions Securities LLC; Santander Investment Securities Inc.; SG Americas Securities LLC; TD Securities; Wells Fargo Securities;

Author: Ambrogio Visconti