Published on 6/19/2014 in the Prospect News High Yield Daily.
New Issue: Global Partners prices $375 million 6¼% eight-year notes at par
By Paul A. Harris
Portland, Ore., June 19 – Global Partners LP priced a $375 million issue of eight-year senior notes (B2/B+/) at par to yield 6¼% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 6¼% to 6½% yield talk.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and RBS Securities Inc. are the joint bookrunners.
The Waltham, Mass.-based midstream oil and gas company plans to use the proceeds to pay down its revolving credit facility and to take out its 8% senior notes and 7¾% senior notes.
| Issuer: | Global Partners LP and GLP Finance Corp.
|
| Amount: | $375 million
|
| Maturity: | July 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, RBS Securities Inc.
|
| Co-managers: | SG CIB, BMO Securities, BNP Paribas Securities Corp., Credit Agricole CIB, Mitsubishi UFJ Securities, Rabo Securities, Santander
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Spread: | 387 bps
|
| First call: | July 15, 2017
|
| Trade date: | June 19
|
| Settlement date: | June 24
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Roadshow
|
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