Global Partners LP Announces Full Redemption of Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units
Global Partners LP (NYSE: GLP) (“Global”) today announced that it intends to redeem all $75,000,000 of its 3,000,000 issued and outstanding Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units (the “Series B Preferred Units”) (CUSIP: 37946R307). All of the Series B Preferred Units are maintained in book-entry form registered in the name of The Depository Trust Company or its nominee and will be redeemed in accordance with the applicable procedures of The Depository Trust Company or such nominee.
The redemption date will be July 30, 2026 (the “Redemption Date”). The Series B Preferred Units will be redeemed at a redemption price of $25.00 per share, plus an amount equal to all unpaid and accrued distributions thereon to, but excluding, the Redemption Date, less any applicable tax withholding as required by law (the “Redemption Price”), which will be payable in cash on the Redemption Date. After the Redemption, Series B Preferred Units will no longer be outstanding and all of the rights of the holders of Series B Preferred Units will terminate, except the right to receive the Redemption Price. Furthermore, because all of the issued and outstanding shares of Series B Preferred Units are being redeemed, trading of the Series B Preferred Units on the New York Stock Exchange (the “NYSE”) will cease prior to market open on the Redemption Date (or, if such date is not a business day, the following business day). The Series B Preferred Units currently trade on the NYSE under the symbol “GLP pr B.”
