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Global Partners LP | 9.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (GLP.PRA)
This preferred is marked as having been called.
Prospectus excerpt: We are offering 2,400,000 of our 9.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, liquidation preference $25.00 per unit (the "Series A Preferred Units"). Distributions on the Series A Preferred Units are cumulative from and including the date of original issue and will be payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2018, in each case when, as, and if declared by our general partner. A pro-rated initial distribution on the Series A Preferred Units offered hereby will be payable on November 15, 2018 in an amount equal to approximately $0.6635 per Series A Preferred Unit. Distributions on the Series A Preferred Units will be payable out of amounts legally available therefor from and including the date of original issue to, but excluding, August 15, 2023, at a rate equal to 9.75% per annum of the stated liquidation preference. On and after August 15, 2023, distributions on the Series A Preferred Units will accumulate for each distribution period at a percentage of the $25.00 liquidation preference equal to an annual floating rate of the three-month LIBOR plus a spread of 6.774% per annum. Full Prospectus PDF », Secondary Prospectus PDF », GLP Page »
Series: | A | Alternate symbology: | GLP-A, GLP-PA, GLPprA | Redeemable?: | Yes | Call Date: | 8/15/2023 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Shares Offered: | 2,400,000 | Overallotment: | 360,000 | Liquidation Preference: | $25.00 | Recent Market Price: | $25.50 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $0.50 (2.00%) | Annualized Dividend: | 3.10384 | Recent Ex-Date: | 1/31/2024 | Current Yield: | 12.17% | Original Coupon: | 9.75% | Pay Period: | Quarterly | Pay Dates: | 15-Feb, 15-May, 15-Aug, 15-Nov | CDx3 Compliance Rating: |
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Global Partners owns, controls, or has access to terminal networks of refined petroleum products and renewable fuels in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania. Co is engaged in the purchasing, selling, gathering, blending, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks (such as ethanol), distillates (such as home heating oil, diesel and kerosene), residual oil, renewable fuels, crude oil and propane and in the transportation of petroleum products and renewable fuels by rail from the mid-continent region of the U.S. and Canada. Preferreds: GLP.PRA, GLP.PRB Open the GLP Information Page »
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