WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 24, 2016--
Global Partners LP (NYSE: GLP) today announced that, through a wholly
owned subsidiary, it has completed the previously announced sale of 30
non-strategic gasoline stations and convenience stores in New York and
Pennsylvania to Mirabito Holdings, Inc. for approximately $40 million.
The transaction includes long-term supply contracts for branded and
unbranded gasoline and other petroleum products. Approximately $28
million of the proceeds were used to pay down debt under the
Partnership’s revolving credit facility and the balance of the proceeds
remain available to pursue like-kind exchange transactions to acquire
retail gasoline assets.
“The Mirabito transaction reflects our ongoing focus on monetizing
non-strategic retail sites to further strengthen our balance sheet and
provide additional flexibility to invest in assets that are fundamental
to our growth objectives,” said Global President and Chief Executive
Officer Eric Slifka. “At the same time, establishing long-term supply
agreements with the purchaser allows us to continue to earn a supply
margin.”
About Global Partners LP
A publicly traded master limited partnership, Global is a midstream
logistics and marketing company that owns, controls or has access to one
of the largest terminal networks of petroleum products and renewable
fuels in the Northeast. Global also is one of the largest distributors
of gasoline, distillates, residual oil and renewable fuels to
wholesalers, retailers and commercial customers in New England and New
York. The Partnership is engaged in the transportation of crude oil and
other products by rail from the mid-continental U.S. and Canada to the
East and West Coasts for distribution to refiners and others. With
approximately 1,500 locations, primarily in the Northeast, Global also
is one of the largest independent owners, suppliers and operators of
gasoline stations and convenience stores. Global is No. 276 in the
Fortune 500 list of America’s largest corporations. For additional
information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute
“forward-looking statements.” The words “believe,” “expect,”
“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or
other similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature. These
forward-looking statements are based on our current expectations and
beliefs concerning future developments and their potential effect on us.
While management believes that these forward-looking statements are
reasonable as and when made, there can be no assurance that future
developments affecting us will be those that we anticipate. All comments
concerning our expectations for future revenues and operating results
are based on our forecasts for our existing operations and do not
include the potential impact of any future acquisitions. Our
forward-looking statements involve significant risks and uncertainties
(some of which are beyond our control) and assumptions that could cause
actual results to differ materially from our historical experience and
our present expectations or projections.
For additional information regarding known material factors that could
cause our actual results to differ from our projected results, please
see our filings with the SEC, including our Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160824005163/en/
Source: Global Partners LP
Global Partners LP
Daphne H. Foster, 781-894-8800
Chief
Financial Officer
or
Edward J. Faneuil, 781-894-8800
Executive
Vice President, General Counsel and Secretary