Waltham, Mass., September 29, 2005 - Global Partners LP (NYSE: GLP) today announced an initial public offering of 4.9 million of its common units at a price of $22 per unit. Global Partners anticipates the common units will begin trading today on the New York Stock Exchange under the symbol GLP. Lehman Brothers Inc. is the sole book-running manager of the offering. KeyBanc Capital Markets, a Division of McDonald Investments Inc. is the Joint Lead Manager, and Raymond James & Associates, Inc., RBC Capital Markets Corporation and Banc of America Securities LLC are acting as Co-Managers.
Global Partners is a Delaware limited partnership recently formed by affiliates of the Slifka family. Global Partners is one of the largest wholesale distributors of distillates (such as home heating oil, diesel and kerosene), gasoline, and residual and bunker fuel to wholesalers, retailers and commercial customers in New England. Affiliates of the Slifka family are retaining a 57.4% interest in Global Partners, including its general partner interest. The initial public offering represents a 42.6% interest in Global Partners. Affiliates of the Slifka family have granted the underwriters a 30-day option to purchase up to 735,000 additional common units.
This news release is not an offer to sell, nor the solicitation of any offer to buy, any securities. Any offer will be made only by means of the prospectus. A copy of the prospectus relating to these securities may be obtained when available from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717, telephone number (631) 254-7106, email: monica_castillo@adp.com.
This press release may include “forward-looking statements” as defined by the Securities and Exchange Commission. All statements other than statements of historical facts included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements.
CONTACT:
Thomas A. McManmon, Jr., Executive Vice President and Chief Financial Officer, or
Edward J. Faneuil, Executive Vice President, General Counsel and Secretary
(781) 894-8800