Deal Description: On September 23, 2020, Global Partners LP (NYSE: GLP) (“Global”) announced the pricing of an offering of $350 million in aggregate principal amount of 6.875% Senior Notes due 2029 (the “Notes”) in a Rule 144A offering that is exempt from the registration requirements of the Securities Act. 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 October 7, 2020, subject to the satisfaction of customary closing conditions.

Global expects to use the net proceeds from this offering to fund the redemption of its 7.00% senior notes due 2023 and to repay a portion of borrowings outstanding under its credit agreement.

Baker Botts L.L.P. represented the initial purchasers in the offering.

Clients: The initial purchasers. BofA Securities, Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Citizens Capital Markets Inc., MUFG Securities Americas Inc., SG Americas Securities, LLC, BMO Capital Markets Corp. and TD Securities (USA) LLC acted as joint book-running managers.  Credit Agricole Securities (USA) Inc., Rabo Securities USA, Inc., Santander Investment Securities Inc., Capital One Securities, Inc. and Regions Securities LLC acted as co-managers.

Value: $350 million

Baker Botts Lawyers/Office Involved:

Corporate: Josh Davidson (Partner, Houston); Justin Hoffman (Partner, Houston); Jamie Yarbrough (Associate, Houston); Parker Hinman (Associate, Houston); Sean Aguirre (Associate, Houston)

Tax: Chuck Campbell (Special Counsel, Houston)

Environmental: Matt Kuryla (Partner, Houston); Harrison Reback (Associate, Houston)

For more information, please see Global’s news release by clicking here.

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