Delaware
|
001-32593
|
74-3140887
|
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
Title of class
|
Trading Symbol(s)
|
Name of exchange on which registered
|
|||
Common Units representing limited partner interests
|
GLP
|
New York Stock Exchange
|
|||
9.75% Series A Fixed-to-Floating Cumulative Redeemable Perpetual Preferred Units representing limited partner interests
|
GLP pr A
|
New York Stock Exchange
|
Item 1.01. |
Entry into a Material Definitive Agreement
|
(i)
|
increases by 0.125% the applicable rate under the working capital facility for borrowings of base rate loans, Eurocurrency rate loans and cost of funds rate loans and for issuances of letters of credit;
|
(ii)
|
adds two pricing levels under the revolving credit facility for borrowings of base rate loans, Eurocurrency rate loans and cost of funds rate loans and for issuances of letters of credit;
|
(iii)
|
adds a Eurocurrency rate floor of 0.75% and a cost of funds rate floor of 0.50%;
|
(iv)
|
for the four (4) quarters commencing with the quarter ended June 30, 2020 (A) increases to Combined Total Leverage Ratio covenant levels and (B) a reduction to the Combined Interest Coverage Ratio covenant levels; and
|
(v)
|
reduces the aggregate commitments under the facilities by 10% with the commitments under the working capital facility reduced to $770.0 million from $850.0 million and the commitments under the revolving credit facility reduced to $400.0
million from $450.0 million.
|
Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
|
Exhibit
No. |
Description
|
GLOBAL PARTNERS LP | |||
By:
|
Global GP LLC, | ||
its general partner | |||
Dated: May 7, 2020 |
By:
|
/s/ Edward J. Faneuil | |
Executive Vice President,
|
|||
General Counsel and Secretary
|
FOURTH AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
|
Pricing
Level
|
Combined Total Leverage Ratio
|
Applicable Revolver Rate for Base Rate Loans (in basis points)
|
Applicable Revolver Rate for Eurocurrency Rate Loans, Revolver Letters of Credit and Cost of Funds Rate Loans (in basis points)
|
Applicable Revolver Rate for commitment fees (in basis points)
|
1
|
Less than 2.50:1.00
|
75
|
175
|
35.0
|
2
|
Greater than or equal to 2.50:1.00 but less than 3.00:1.00
|
100
|
200
|
37.5
|
3
|
Greater than or equal to 3.00:1.00 but less than 3.50:1.00
|
125
|
225
|
37.5
|
4
|
Greater than or equal to 3.50:1.00 but less than 4.25:1.00
|
150
|
250
|
45.0
|
5
|
Greater than or equal to 4.25:1.00 but less than 4.75:1.00
|
175
|
275
|
50.00
|
6
|
Greater than or equal to 4.75:1.00 but less than 5.25:1.00
|
200
|
300
|
50.00
|
7
|
Greater than or equal to 5.25:1.00
|
225
|
325
|
50.00
|
Pricing
Level
|
Utilization Amount
|
Applicable WC Rate for Base Rate Loans (in basis points)
|
Applicable WC Rate for Eurocurrency Rate Loans, Cost of Funds Rate Loans and WC Letters of Credit (in basis points)
|
Applicable WC Rate for commitment fees (in basis points)
|
1
|
Greater than or equal to 75%
|
162.5
|
262.5
|
50.0
|
2
|
Greater than or equal to 50% but less than 75%
|
137.5
|
237.5
|
37.5
|
3
|
Less than 50%
|
112.5
|
212.5
|
35.0
|
|
GLOBAL OPERATING LLC | |
|
By:
|
Global Partners LP, its sole member |
|
By: | Global GP LLC, its general partner |
|
|
|
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer | ||
GLOBAL COMPANIES LLC | ||
By: | Global Operating LLC, its sole member | |
By: | Global Partners LP, its sole member | |
By:
|
Global GP LLC, its general partner | |
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer
|
||
GLOBAL MONTELLO GROUP CORP. | ||
By | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer | ||
CHELSEA SANDWICH LLC | ||
By: | Global Operating LLC, its sole member | |
By: | Global Partners LP, its sole member | |
By: | Global GP LLC, its general partner | |
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer |
|
GLEN HES CORP. | |
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
GLP FINANCE CORP.
|
|
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer
|
|
|
|
|
|
|
|
GLOBAL ENERGY MARKETING LLC
|
|
|
By: |
Global Operating LLC, its sole member
|
|
By: |
Global Partners LP, its sole member
|
|
By: | Global GP LLC, its general partner |
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
ALLIANCE ENERGY LLC
|
|
|
By: | Global Operating LLC, its sole member |
|
By: | Global Partners LP, its sole member |
|
By: | Global GP LLC, its general partner |
|
|
|
|
|
|
|
By:
|
/s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
CASCADE KELLY HOLDINGS LLC
|
|
|
By: | Global Operating LLC, its sole member |
|
By: | Global Partners LP, its sole member |
|
By: | Global GP LLC, its general partner |
|
|
|
|
|
|
|
By:
|
/s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
WARREN EQUITIES, INC. | |
|
|
|
|
|
|
|
By:
|
/s/ Daphne H. Foster
|
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
GLOBAL PARTNERS LP | |
|
By: | Global GP LLC, its general partner |
|
|
|
|
|
|
|
By:
|
/s/ Daphne H. Foster
|
|
|
Name: Daphne H. Foster
|
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
BURSAW OIL LLC
|
|
|
By: |
Alliance Energy LLC, its sole member
|
By: | Alliance Energy LLC, its sole member | |
By: | Global Partners LP, its sole member | |
By: | Global GP LLC, its general partner | |
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer |
|
WAREX TERMINALS CORPORATION | |
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
DRAKE PETROLEUM COMPANY, INC. | |
|
|
|
|
|
|
|
By: |
/s/ Daphne H. Foster
|
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer
|
|
|
|
|
|
|
|
PURITAN OIL COMPANY, INC. | |
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster |
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
|
|
|
|
|
|
MARYLAND OIL COMPANY, INC. | |
|
|
|
|
|
|
|
By: |
/s/ Daphne H. Foster
|
|
|
Name: Daphne H. Foster |
|
|
Title: Chief Financial Officer |
|
BANK OF AMERICA, N.A., as | |
|
Administrative Agent | |
|
|
|
|
|
|
|
By: | /s/ Anthony W. Kell |
|
|
|
|
Name: | Anthony W. Kell |
|
|
|
|
Title: | Vice President |
BANK OF AMERICA, N.A., as a Lender, L/C | ||
Issuer, Alternative Currency Fronting Lender | ||
|
and Swing Line Lender
|
|
|
|
|
|
By:
|
/s/ Christopher DiBiase |
Name: | Christopher DiBiase | |
Title: | Director |
JPMORGAN CHASE BANK, N.A., as a | ||
Lender, L/C Issuer and as Co-Syndication | ||
|
Agent
|
|
|
|
|
|
By:
|
/s/ Helen D. Davis |
Name: | Helen D. Davis | |
Title: | Authorized Officer |
|
||
WELLS FARGO BANK, N.A., as a Lender and
|
||
|
Co-Syndication Agent
|
|
|
|
|
|
|
|
|
By: | /s/ Kelly McDonough |
|
|
|
|
Name: | Kelly McDonough |
|
|
|
|
Title: | Vice President |
CITIZENS BANK, N.A., as a Lender and Co-
|
||
Documentation Agent
|
||
|
|
|
|
|
|
By: | /s/ Donald A. Wright | |
Name: | Donald A. Wright | |
Title: | Senior Vice President |
SOCIETE GENERALE., as a Lender and Co-
|
||
Documentation Agent
|
||
|
|
|
|
|
|
By: | /s/ Barbara Paulsen | |
Name: | Barbara Paulsen | |
Title: | Managing Director |
|
BNP PARIBAS, as a Lender and Co-
|
|
Documentation Agent | ||
By: | /s/ Redi Meshi | |
Name: | Redi Meshi | |
Title: | Vice President | |
By: | /s/ Delphine Gaudiot | |
Name: | Delphine Gaudiot | |
Title: | Director |
|
MUFG BANK, LTD. (formerly known as THE
|
|
|
BANK OF TOKYO-MITSUBISHI UFJ, LTD.),
|
|
|
as a Lender and Co-Documentation Agent
|
|
|
|
|
|
|
|
By: | /s/ Christopher Taylor | |
|
|
|
Name: | Christopher Taylor | |
Title: | Managing Director |
|
BMO HARRIS FINANCING, INC., as a
|
|
|
Lender
|
|
|
|
|
By: | /s/ Katherine Robinson | |
Name: | Katherine Robinson | |
Title: | Managing Director |
|
CREDIT AGRICOLE CORPORATE AND
|
|
|
INVESTMENT BANK, as a Lender
|
|
|
|
|
By: | /s/ Zali Win | |
Name: | Zali Win | |
Title: | Managing Director | |
By: | /s/ Christine Jang | |
Name: | Christine Jang | |
Title: | Vice President |
|
COOPERATIEVE RABOBANK U.A., NEW
|
|
|
YORK BRANCH, as a Lender
|
|
|
|
|
By: | /s/ Tim Kümpel | |
Name: | Tim Kümpel | |
Title: | Managing Director | |
By: | /s/ Edward Santos | |
Name: | Edward Santos | |
Title: | Vice President |
|
SANTANDER BANK, N.A., as a Lender
|
|
|
|
|
|
|
|
|
By:
|
/s/ John P. Nuzzo
|
|
|
|
|
Name:
|
John P. Nuzzo
|
Title: | Senior Vice President |
|
TD BANK, N.A., as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Vijay Prasad | |
Name: | Vijay Prasad | |
Title: | Senior Vice President |
|
REGIONS BANK, as a Lender
|
|
|
|
|
|
|
|
By: | /s/ David Valentine | |
Name: | David Valentine | |
Title: | Managing Director |
|
RAYMOND JAMES BANK, N.A., as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Mark Specht | |
Name: | Mark Specht | |
Title: | Vice President |
|
BARCLAYS BANK PLC, as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Sydney G. Dennis | |
Name: | Sydney G. Dennis | |
Title: | Director |
|
CUSTOMERS BANK, as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Joseph T. O’Leary, Jr. | |
Name: | Joseph T. O’Leary, Jr. | |
Title: | Executive Vice President |
|
WEBSTER BANK, NATIONAL
|
|
ASSOCIATION, as a Lender | ||
|
|
|
|
|
|
By: | /s/ Samuel Pepe | |
Name: | /Samuel Pepe | |
Title: | Vice President |
|
PEOPLE'S UNITED BANK, NATIONAL
|
|
ASSOCIATION, formerly PEOPLE'S | ||
UNITED BANK, as a Lender | ||
|
|
|
|
|
|
By: | /s/ Jeffrey Giunte | |
Name: | Jeffrey Giunte | |
Title: | Senior Vice President |
|
FIFTH THIRD BANK, as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Mike Ross | |
Name: | Mike Ross | |
Title: | Managing Director |
|
ROCKLAND TRUST COMPANY (successor
|
|
by merger to BLUE HILLS BANK), as a Lender | ||
|
|
|
|
|
|
By: | /s/ Gretchen Troiano | |
Name: | Gretchen Troiano | |
Title: | Vice President |
|
CAPITAL ONE, N.A., as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Thomas Lawler | |
Name: | Thomas Lawler | |
Title: | Director |
|
CITY NATIONAL BANK, as a Lender
|
|
|
|
|
|
|
|
By: | /s/ Joseph Lisack | |
Name: | Joseph Lisack | |
Title: | Authorized Officer / Vice President |
|
GLOBAL PARTNERS LP
|
|
|
By:
|
Global GP LLC, its general partner
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer | ||
BURSAW OIL LLC
|
||
By: |
Alliance Energy LLC, its sole member
|
|
By: | Global Operating LLC, its sole member | |
By: | Global Partners LP, its sole member | |
By: | Global GP LLC, its general partner | |
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer
|
||
GLOBAL PARTNERS ENERGY CANADA ULC
|
||
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster
|
||
Title: Chief Financial Officer |
|
WAREX TERMINALS CORPORATION
|
|
|
|
|
|
|
|
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer | ||
DRAKE PETROLEUM COMPANY, INC.
|
||
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer
|
||
PURITAN OIL COMPANY, INC.
|
||
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster
|
||
Title: Chief Financial Officer | ||
MARYLAND OIL COMPANY, INC.
|
||
By: | /s/ Daphne H. Foster | |
Name: Daphne H. Foster | ||
Title: Chief Financial Officer | ||
Institution
|
Revolver Commitment
|
%
|
WC Commitment
|
%
|
Total
|
Percentage Total
|
||||||||||||||||||
Bank of America, N.A.
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
JPMorgan Chase Bank, N.A.
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
Wells Fargo Bank, N.A.
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
Citizens Bank, N.A.
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
Societe Generale
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
BNP Paribas
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
MUFG Bank, Ltd.
|
$
|
24,600,000.00
|
6.15
|
%
|
$
|
47,355,000.00
|
6.15
|
%
|
$
|
71,955,000.00
|
6.15
|
%
|
||||||||||||
BMO Harris Financing, Inc.
|
$
|
22,480,000.00
|
5.62
|
%
|
$
|
43,274,000.00
|
5.62
|
%
|
$
|
65,754,000.00
|
5.62
|
%
|
||||||||||||
Credit Agricole Corporate and Investment Bank
|
$
|
22,480,000.00
|
5.62
|
%
|
$
|
43,274,000.00
|
5.62
|
%
|
$
|
65,754,000.00
|
5.62
|
%
|
||||||||||||
Cooperatieve Rabobank U.A., New York Branch
|
$
|
22,480,000.00
|
5.62
|
%
|
$
|
43,274,000.00
|
5.62
|
%
|
$
|
65,754,000.00
|
5.62
|
%
|
||||||||||||
Santander Bank, N.A.
|
$
|
22,480,000.00
|
5.62
|
%
|
$
|
43,274,000.00
|
5.62
|
%
|
$
|
65,754,000.00
|
5.62
|
%
|
||||||||||||
TD Bank, N.A.
|
$
|
22,480,000.00
|
5.62
|
%
|
$
|
43,274,000.00
|
5.62
|
%
|
$
|
65,754,000.00
|
5.62
|
%
|
||||||||||||
Capital One, N.A.
|
$
|
15,400,000.00
|
3.85
|
%
|
$
|
29,645,000.00
|
3.85
|
%
|
$
|
45,045,000.00
|
3.85
|
%
|
||||||||||||
Regions Bank
|
$
|
15,400,000.00
|
3.85
|
%
|
$
|
29,645,000.00
|
3.85
|
%
|
$
|
45,045,000.00
|
3.85
|
%
|
||||||||||||
Customers Bank
|
$
|
12,320,000.00
|
3.08
|
%
|
$
|
23,716,000.00
|
3.08
|
%
|
$
|
36,036,000.00
|
3.08
|
%
|
||||||||||||
People's United Bank, National Association
|
$
|
12,320,000.00
|
3.08
|
%
|
$
|
23,716,000.00
|
3.08
|
%
|
$
|
36,036,000.00
|
3.08
|
%
|
||||||||||||
Barclays Bank PLC
|
$
|
10,760,000.00
|
2.69
|
%
|
$
|
20,713,000.00
|
2.69
|
%
|
$
|
31,473,000.00
|
2.69
|
%
|
||||||||||||
City National Bank
|
$
|
10,760,000.00
|
2.69
|
%
|
$
|
20,713,000.00
|
2.69
|
%
|
$
|
31,473,000.00
|
2.69
|
%
|
||||||||||||
Fifth Third Bank
|
$
|
10,760,000.00
|
2.69
|
%
|
$
|
20,713,000.00
|
2.69
|
%
|
$
|
31,473,000.00
|
2.69
|
%
|
||||||||||||
Raymond James Bank, N.A.
|
$
|
10,760,000.00
|
2.69
|
%
|
$
|
20,713,000.00
|
2.69
|
%
|
$
|
31,473,000.00
|
2.69
|
%
|
||||||||||||
Webster Bank, N.A.
|
$
|
9,240,000.00
|
2.31
|
%
|
$
|
17,787,000.00
|
2.31
|
%
|
$
|
27,027,000.00
|
2.31
|
%
|
||||||||||||
Rockland Trust Company
|
$
|
7,680,000.00
|
1.92
|
%
|
$
|
14,784,000.00
|
1.92
|
%
|
$
|
22,464,000.00
|
1.92
|
%
|
||||||||||||
TOTAL
|
$
|
400,000,000
|
100
|
%
|
$
|
770,000,000
|
100
|
%
|
$
|
1,170,000,000
|
100
|
%
|
||||||||||||