Deal Description: On March 24, 2021, Global Partners LP (NYSE: GLP) (“Global”) closed a public offering of 3,000,000 of its 9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) at $25.00 per Series B Preferred Unit. Distributions on the Series B Preferred Units will be payable quarterly and are cumulative from and including the date of original issue at a fixed rate of 9.50% per annum of the stated liquidation preference of $25.00. Global intends to use the net proceeds from the offering to reduce indebtedness under its credit agreement.
Baker Botts L.L.P. represented the underwriters in the offering.
Baker Botts Lawyers/Office Involved: Josh Davidson (Partner, Houston); Justin Hoffman (Partner, Houston); Lakshmi Ramanathan (Senior Associate, Houston); Parker Hinman (Associate, Houston); William Cozzens (Associate, Houston)
For more information, please see Global’s news release by clicking here.
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