WALTHAM, Mass., Aug 03, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Global Partners LP
(NYSE: GLP), one of New England's largest wholesale distributors of
distillates, gasoline and residual oil to wholesalers, retailers and
commercial customers, announced today that it has signed an amendment to its
Revolving Credit Facility with an eleven-bank group, increasing the
Partnership's borrowing capacity by $100 million to $600 million.
Bank of America serves as agent for the three-year senior secured credit
agreement, which is composed of a $550 million facility to be used for working
capital purposes, a $35 million acquisition facility and a $15 million
revolving credit facility to be used for general partnership purposes. The
other participants are Citizens Bank of Massachusetts, Fortis Capital Corp.,
JPMorgan Chase Bank, KeyBank, Societe Generale, Sovereign Bank, Standard
Chartered Bank, TD Banknorth Inc., Webster Bank and Wells Fargo Bank.
About Global Partners LP
Global Partners LP, a master limited partnership based in Waltham,
Massachusetts, is one of the largest wholesale distributors of distillates
(such as home heating oil, diesel and kerosene), gasoline and residual oil to
wholesalers, retailers and commercial customers in New England. Global
Partners LP trades on the New York Stock Exchange under the ticker symbol
"GLP." For additional information, please visit http://www.globalp.com.
Safe Harbor Statement
This news release contains certain "forward-looking statements" within the
meaning of the federal securities laws. These forward-looking statements are
identified as any statements that do not relate strictly to historical or
current facts and can generally be identified by the use of forward-looking
terminology including "will," "may," "believe," "expect," "anticipate,"
"estimate," "continue" or other similar words. Such statements may discuss
business prospects, new developments and future expectations or contain
projections of results of operations, financial condition and Global Partners
LP's ability to make distributions to unitholders. These statements are not
guarantees of performance. Although Global Partners LP believes these
forward-looking statements are based on reasonable assumptions, statements
made regarding future results are subject to a number of assumptions,
uncertainties and risks, many of which are beyond the control of Global
Partners LP, which may cause actual results to be materially different from
the forward-looking statements contained in this news release. For specific
risks and uncertainties that could cause actual results to differ materially
from forward-looking statements, please refer to Global Partners LP's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, and its
Annual Report on Form 10-K for the year ended December 31, 2005. All
forward-looking statements included in this news release and all subsequent
written or oral forward-looking statements attributable to Global Partners LP
or persons acting on its behalf are expressly qualified in their entirety by
these cautionary statements. The forward-looking statements speak only as of
the date made, and Global Partners LP undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts:
Thomas J. Hollister Edward J. Faneuil
Executive Vice President and Executive Vice President,
Chief Financial Officer General Counsel and Secretary
Global Partners LP Global Partners LP
(781) 894-8800 (781) 894-8800
SOURCE Global Partners LP
Thomas J. Hollister, Executive Vice President and Chief Financial Officer,
+1-781-894-8800, or Edward J. Faneuil, Executive Vice President, General Counsel and
Secretary, +1-781-894-8800, both of Global Partners LP
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