Global Partners amends loans, revising pricing, increasing size

By Sara Rosenberg

New York, July 21 - Global Partners LP amended its credit facilities, changing pricing, increasing the working capital revolver to $650 million from $550 million and increasing the accordion feature to $200 million from $100 million, according to an 8-K filed with the Securities and Exchange Commission Monday.

The company's working capital revolver is now priced at Libor plus 175 basis points to 225 bps, depending on the interest coverage ratio, and the acquisition and revolving credit facilities are now priced at Libor plus 225 bps to 275 bps, depending on interest coverage.

The commitment fee on the unused portion of the three facilities can range from 30 bps to 37.5 bps, depending on interest coverage.

In addition, the company must now maintain minimum EBITDA of $30 million, and the interest coverage ratio is 1.75:1.00 for the fiscal quarters ending June 30, Sept. 30 and Dec. 31, and 2.00:1.00 for the fiscal quarter ending March 31, 2009 and thereafter.

The amendment was completed on July 18.

Bank of America is the administrative agent on the deal.

Global Partners is a Waltham, Mass.-based owner and controller of terminal networks of refined petroleum products.

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