Global Partners gets $950 million four-year revolving credit facility

By Sara Rosenberg

New York, May 18 - Global Partners LP closed on a new $950 million four-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The facility consists of an $800 million working capital revolver and a $150 million acquisitions and general corporate purposes revolver.

Pricing on the working capital revolver can range from Libor plus 250 basis points to 300 bps based on use, and pricing on the acquisitions and general corporate purposes revolver can range from Libor plus 300 bps to 325 bps based on senior secured leverage.

Initial pricing on the working capital revolver is Libor plus 275 bps and initial pricing on the acquisitions revolver is Libor plus 300 bps.

Both revolvers have a 50 bps unused fee.

Bank of America and JPMorgan acted as the joint lead arrangers and joint bookrunners on the deal that was completed on May 14, with Bank of America the administrative agent.

There is a $200 million accordion feature.

Proceeds were used to replace the company's previous $850 million credit facility that was set to mature in April 2011. In addition, the acquisition revolver will be used to help fund the purchase of three gasoline and distillate terminals in Newburgh, N.Y. from Warex Terminals Corp. for $47.5 million.

Global Partners is a Waltham, Mass.-based wholesale distributor of gasoline, distillates and residual oil.

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