New Issue: Global Partners prices $350 million 8.25-year senior notes at par to yield 6 7/8%

By Paul A. Harris

Portland, Ore., Sept. 23 – Global Partners LP priced a $350 million issue of 8.25-year senior notes (B2/B+) at par to yield 6 7/8% in a Wednesday drive-by, according to market sources.

The yield printed at the tight end of yield talk in the 7% area. Early guidance was in the 7¼% area.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG, SG Americas Securities LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC.

The Waltham, Mass.-based fuel distribution business plans to use the proceeds to redeem its senior notes due 2023 and pay down bank debt.

Issuers:	Global Partners LP and GLP Finance Corp.
Amount:	$350 million
Maturity:	Jan. 15, 2029
Securities:	Senior notes
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG, SG Americas Securities LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC
Co-managers:	Credit Agricole CIB, Rabo Securities USA Inc., Santander Investment Securities Inc., Capital One Securities Inc. and Regions Securities LLC
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	631 bps
First call date:	Jan. 15, 2024
Trade date:	Sept. 23
Settlement date:	Oct. 7
Ratings:	Moody's: B2
	S&P: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7% area
Marketing:	Drive-by

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