Global Partners talks $450 million eight-year notes at 8¼%-8 3/8%; pricing Wednesday

By Paul A. Harris

Portland, Ore., Jan. 3 – Global Partners LP and co-issuer GLP Finance Corp. talked their $450 million offering senior notes due 2032 (B2/B+) to yield 8¼% to 8 3/8%, according to a market source.

Official talk comes inside of the 8½% to 8¾% initial guidance.

Order books were three-times deal size at mid-morning Wednesday as official talk circulated the market, according to a trader, who added that the bonds appear poised to print at 8¼%.

The offering is set to price on Wednesday.

The Rule 144A and Regulation S eight-year notes become subject to an initial call after three years at par plus 50% of the coupon.

J.P. Morgan Securities LLC is leading the sale.

The Waltham, Mass.-based independent owners, suppliers and operators of gasoline stations and convenience stores plans to use the proceeds to repay debt under its credit agreement and for general corporate purposes.

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