Deal Description: On June 10, 2025, Global Partners LP (NYSE: GLP) (“Global”) announced the pricing of an upsized private offering (the “Offering”) to eligible purchasers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, of $450 million in aggregate principal amount of 7.125% Senior Notes due 2033 (the “Notes”). The Notes will be co-issued by GLP Finance Corp. and guaranteed by certain other subsidiaries of Global. The Offering is expected to close on or about June 23, 2025, subject to the satisfaction of customary closing conditions.

Global intends to use the net proceeds from the Offering to fund the purchase of its outstanding $400 million aggregate principal amount of 7.00% Senior Notes due 2027 (the “2027 Notes”) in a cash tender offer (the “Tender Offer”), which commenced on June 10, 2025, and to repay a portion of the borrowings outstanding under Global’s credit agreement. To the extent the Tender Offer is not completed or is completed but Global purchases less than all of the 2027 Notes in the Tender Offer, Global intends to use any remaining net proceeds from the Offering to redeem any 2027 Notes that remain outstanding on or about August 1, 2025.

Baker Botts L.L.P. represented the initial purchasers in the Offering and the dealer manager in the Tender Offer.

Baker Botts Lawyers/Offices Involved:

• Corporate: Josh Davidson (Senior Counsel, Houston); Lakshmi Ramanathan (Special Counsel, Houston); Parker Hinman (Senior Associate, Houston); Chelsea Johnson (Associate, Houston); Jack Hennessy (Associate, Houston)


• Finance: Clint Culpepper (Partner, Austin); Delaram Peimani (Senior Associate, Austin)


• Tax: Chuck Campbell (Special Counsel, Houston)


• Environmental: Elizabeth Singleton (Special Counsel, Houston)


• Real Estate: Daniel Leventhal (Partner, Dallas); Emily Quiros (Senior Associate, Washington, D.C.); Taylor Gamboa (Associate, Dallas)

For more information, please see Global’s news release relating to the Tender Offer here and to the Offering here.

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