WALTHAM, Mass., May 18, 2010 (BUSINESS WIRE) --Global Partners LP (NYSE: GLP) ("the Partnership"), one of the largest
wholesale distributors of gasoline, distillates and residual oil in the
New England states and New York, today announced that it has entered
into a four-year, $950 million senior secured credit facility with an
expanded bank group. The agreement increases by $100 million the total
commitments available under the Partnership's previous credit facility,
which had been scheduled to mature in April 2011.
The new agreement consists of an $800 million revolving credit facility
to be used for working capital purposes and a $150 million revolving
credit facility to be used for acquisitions and general corporate
purposes. The agreement, which matures in May 2014, contains an
accordion feature that enables the credit facility to be increased by up
to $200 million to $1.15 billion.
"This agreement reflects strong support from our 21-member bank group,
providing Global Partners with access to additional capital and the
financial flexibility to execute our growth strategy," said Thomas
Hollister, Chief Operating Officer and Chief Financial Officer of Global
Partners.
The Partnership plans to use a portion of the acquisition facility to
finance its purchase from Warex Terminals Corporation of three gasoline
and distillate terminals in Newburgh, NY. The $47.5 million acquisition
is expected to close by early in the third quarter of this year.
Banc of America Securities LLC and JP Morgan Securities Inc. served as
joint lead arrangers and joint book managers. Lenders in the syndicate
are: Bank of America, N.A., which served as administrative agent;
JPMorgan Chase Bank, N.A., which served as syndication agent; Société
Générale, Standard Chartered Bank, Wells Fargo Bank, N.A. and RBS
Citizens, National Association, which served as co-documentation agents;
and BNP Paribas; Rabobank Nederland, New York Branch; Sovereign Bank;
Crédit Agricole Corporate and Investment Bank; KeyBank National
Association; Toronto Dominion (New York) LLC; RZB Finance LLC; Royal
Bank of Canada; Raymond James Bank, FSB; Barclays Bank Plc; Webster Bank
National Association; Natixis, New York Branch; DZ BANK AG; Branch
Banking & Trust Company; and Sumitomo Mitsui Banking Corporation, which
served as the other lenders.
About Global Partners LP
Global
Partners LP, a publicly traded master limited partnership based in
Waltham, Massachusetts, owns, controls or has access to one of the
largest terminal
networks of refined
petroleum products in the Northeast. The Partnership is one of the
largest wholesale distributors of gasoline,
distillates (such as home
heating oil, diesel and kerosene) and residual
oil to wholesalers, retailers and commercial customers in the New
England states and New York. Global Partners LP, a FORTUNE 500(R) company,
trades on the New York Stock Exchange under the ticker symbol "GLP." For
additional information, please visit www.globalp.com.
Forward-looking Statements
Some of the information contained in this news release may contain
forward-looking statements. Forward-looking statements do not relate
strictly to historical or current facts and include, without limitation,
any statement that may project, indicate or imply future results,
events, performance or achievements, and may contain the words "may, "
"believe," "should," "could," "expect," "anticipate," "plan," "intend,"
"estimate," "foresee," "continue," "will likely result," or other
similar expressions. In addition, any statement made by Global Partners
LP's management concerning future financial performance (including
future revenues, earnings or growth rates), ongoing business strategies
or prospects and possible actions by Global Partners LP or its
subsidiaries are also forward-looking statements. Forward-looking
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 future results to be
materially different from the results stated or implied in this news
release. For additional information about risks and uncertainties that
could cause actual results to differ materially from forward-looking
statements, please refer to Global Partners LP's Annual Report on Form
10-K for the year ended December 31, 2009 and subsequent filings the
Partnership makes with the Securities and Exchange Commission.
Developments in any of these areas could cause Global Partners LP's
results to differ materially from results that have been or may be
anticipated or projected. 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 of
this news release or, in the case of forward-looking statements,
contained in any document incorporated by reference, the date of such
document, and Global Partners LP expressly disclaims any obligation or
undertaking to update these statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
SOURCE: Global Partners LP
Global Partners LP
Thomas J. Hollister, 781-894-8800
Chief Operating Officer and
Chief Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive Vice President,
General Counsel and Secretary