Form 8-K - Current report
February 28 2024 - 6:45AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event
reported): February 23, 2024
GLOBAL PARTNERS LP
(Exact name of registrant as specified in its
charter)
Delaware |
001-32593 |
74-3140887 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(IRS Employer
Identification No.) |
P.O. Box 9161
800 South Street
Waltham, Massachusetts 02454-9161
(Address of Principal Executive Offices)
(781) 894-8800
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Units representing limited partner interests |
|
GLP |
|
New York Stock Exchange |
|
|
|
|
|
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner
interests |
|
GLP pr A |
|
New York Stock Exchange |
|
|
|
|
|
9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred
Units representing limited partner interests |
|
GLP pr B |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01. | Entry into a Material Definitive Agreement. |
On February 23, 2024, Global Partners
LP (the “Partnership”), as Buyer, entered into an Amended and Restated Equity
Purchase Agreement (the “A&R Purchase Agreement”) with Gulf Oil Limited
Partnership (the “Seller”) in response to concerns raised by the Federal Trade
Commission and the State Attorney General of Maine. The A&R Purchase Agreement amends certain provisions of the Equity Purchase Agreement
between the Partnership and Seller, dated December 15, 2022, which was previously filed as Exhibit 2.4 to the Partnership’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2022 and is incorporated herein by reference (the “Original
Purchase Agreement”).
Pursuant
to the Original Purchase Agreement, the Partnership would have acquired all the issued and outstanding equity interests of New Haven NewCo,
Woodbury NewCo, Portland NewCo, Linden NewCo and Chelsea NewCo, each as defined in the Original Purchase Agreement (collectively, the
“Target Companies”), for a purchase price of $273 million in cash, subject to certain customary adjustments to primarily
take into account the actual amount of certain assets and liabilities of the Target Companies as of the closing date (the “Gulf
Transaction”). The Target Companies each will contain all of the assets exclusively related to the ownership and operation of,
and the receipt, storage and throughput of refined products at certain operating, refined-products terminals located in New Haven, CT,
Thorofare, NJ, Portland, ME, Linden, NJ and Chelsea, MA, respectively.
Pursuant to the A&R Purchase
Agreement, all substantive material terms of the Original Purchase Agreement remain unchanged except: (a) the Seller’s refined-products
terminal located in Portland, ME has been removed from the Gulf Transaction, and (b) the purchase price has been reduced to $212.3 million
in cash, subject to certain customary adjustments to primarily take into account the actual amount of certain assets and liabilities of
the Target Companies (other than Portland NewCo) as of the closing date (the “Revised Gulf Transaction”).
Closing of the Revised Gulf Transaction
is conditioned upon the satisfaction or waiver of customary closing conditions, including closing of the Pre-Closing Reorganization (as defined in the A&R Purchase Agreement) and delivery of specified
deliverables required by the A&R Purchase Agreement.
The A&R Purchase Agreement
contains customary representations and warranties and covenants by each of the parties. Among other covenants, during the period between
the execution of the A&R Purchase Agreement and the closing of the Revised Gulf Transaction, the Seller has agreed to, and to cause
its subsidiaries to, conduct its business in the ordinary course of business and will not, and will cause its subsidiaries not to, with
respect to its business and the Target Companies (other than Portland NewCo), engage in certain types of activities and transactions.
At closing, subject to the terms
and conditions set forth in the A&R Purchase Agreement, the Partnership will assume certain liabilities and obligations of the Seller
related to the Target Companies (other than Portland NewCo), excluding certain environmental liabilities retained by the Seller as identified
in the A&R Purchase Agreement.
The Partnership expects to finance the Revised Gulf Transaction
with borrowings under its revolving credit facility.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
|
GLOBAL PARTNERS LP |
|
|
|
|
By: |
Global GP LLC |
|
|
its general partner |
|
|
|
|
|
|
Dated: February 28, 2024 |
By: |
/s/ Sean T.
Geary |
| |
Sean T. Geary |
|
|
Chief Legal Officer and Secretary |
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