Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers W > Headlines for Warren Equities, Inc. > News item |
Global Partners plans blend of debt, equity to fund $383 million buyout of Warren Equities
By Lisa Kerner
Charlotte, N.C., Oct. 9 – Global Partners LP has availability under its bank facility to fund 100% of its $383 million acquisition of Warren Equities, Inc., according to chief financial officer Daphne Foster.
The company has the necessary bank approvals to move forward with the deal in which subsidiary Global Montello Group Corp. will acquire the equity interests in Warren Equities in a deal slated to close during the first quarter of 2015, according to Foster.
“Longer term, we expect to finance this transaction with approximately a 60/40 blend of debt and equity,” Foster said during a conference call on Thursday to discuss the transaction details.
Foster, when asked, would not comment on specific timing of any financing or pro forma leverage. She did say that Global Partner’s leverage in June was 2.8 times and that leverage of 3.5 times or less is “appropriate.”
Warren, based in Providence, R.I., operates 147 Xtra Mart convenience stores, markets fuel through 53 commissioned agent locations and supplies fuel to 320 dealers.
Global Partners Waltham, Mass.-based midstream oil and gas company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.