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Global Partners ups credit agreement by $10 million to $1.63 billion
By Toni Weeks
San Luis Obispo, Calif., Dec. 20 - Global Partners LP amended its credit agreement on Dec. 16, lifting commitments to $1,625,000,000 from $1,615,000,000, according to an 8-K filing with the Securities and Exchange Commission.
The facility includes a working capital revolving credit facility in the principal amount equal to the lesser of the company's borrowing based and $1 billion and a $625 million revolving credit facility. The former is to be used for working capital and letters of credit, and the latter for acquisitions, joint ventures, capital expenditures, letters of credit and general corporate purposes.
Borrowings are available in either U.S. or Canadian dollars, although the total amount of Canadian loans cannot exceed C$200 million.
The working capital revolver includes a $50 million sublimit for swingline loans.
The facility has an accordion feature to increase the credit facility by another $300 million, potentially boosting total commitments to $1,925,000,000.
Borrowings under the working capital revolver bear interest at Libor plus 200 basis points to 250 bps, with the exact margin based on the utilization amount. The interest rate under the $625 million revolver is Libor plus 225 bps to 325 bps, with the actual margin based on the combined total leverage ratio.
The commitment fee ranges from 37.5 bps to 50 bps, and the letter-of-credit fee is equal to the then applicable rate of the respective revolver for each letter of credit issued.
Global Partners is a Waltham, Mass.-based wholesaler and commercial distributor of refined petroleum products and natural gas and provider of ancillary services.
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