Global Partners plans to sell $350 million 8.25-year senior notes; initial talk in 7¼% area

By Paul A. Harris

Portland, Ore., Sept. 23 – Global Partners LP in conjunction with GLP Finance Corp. were set to shop a $350 million offering of senior notes due January 2029 (existing ratings B2/B+) on a mid-Wednesday morning conference call with investors, according to market sources.

The deal is in the market with early guidance in the 7¼% area and is expected to price on Thursday, a trader said.

BofA Securities Inc. is the left bookrunner for the Rule 144A with registration rights offering. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG, SG Americas Securities LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC are the joint bookrunners.

Credit Agricole CIB, Rabo Securities USA Inc., Santander Investment Securities Inc., Capital One Securities Inc. and Regions Securities LLC are the co-managers.

The 8.25-year notes become callable in January 2024 at par plus 50% of the coupon.

The Waltham, Mass.-based fuel distribution business plans to use the proceeds to redeem its senior notes due 2023 and pay down bank debt.

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