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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): July 15, 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 |
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 7.01. | Regulation FD Disclosure |
On July 15, 2024, Global
Partners LP (the “Partnership”) issued a press release announcing that the Board of Directors of its general partner,
Global GP LLC, declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnership’s
9.50% fixed-rate Series B preferred units for the period from May 15, 2024 through August 14, 2024. On August 15,
2024, the Partnership will pay such cash distribution to its Series B preferred unitholders of record as of the opening of business
on August 1, 2024.
A copy of the Partnership’s press release
is attached hereto as Exhibit 99.1 and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K,
the information set forth in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be “filed” for the purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that section, unless the Partnership specifically states that the information is to be considered “filed” under the Exchange
Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.
| Item 9.01. | Financial Statements and Exhibits |
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: July 15, 2024 |
By: |
/s/ Sean T. Geary |
|
|
Sean T. Geary |
|
|
Chief Legal Officer and Secretary |
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contacts: |
|
Gregory B. Hanson |
Sean T. Geary |
Chief Financial Officer |
Chief Legal Officer and Secretary |
Global Partners LP |
Global Partners LP |
(781) 894-8800 |
(781) 894-8800 |
Global
Partners Announces Cash Distribution on Series B Preferred Units
Waltham,
Mass., July 15, 2024 – Global Partners LP (NYSE: GLP) (the “Partnership”) today announced that the Board
of Directors (the “Board”) of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.59375 per
unit ($2.375 per unit on an annualized basis) on the Partnership’s 9.50% fixed-rate Series B preferred units for the period
from May 15, 2024 through August 14, 2024. The distribution will be paid on August 15, 2024 to Series B preferred
unitholders of record as of the opening of business on August 1, 2024.
Non-U.S. Withholding Information
Concurrent with this announcement we are providing qualified notice
to brokers and nominees that hold Global Partners LP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and
(d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of
Global Partners LP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United
States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess
of cumulative net income for purposes of determining the amount to withhold. Accordingly, Global Partners LP’s distributions to
non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten
percent (10%). Nominees, and not Global Partners LP, are treated as the withholding agents responsible for withholding on the distributions
received by them on behalf of non-U.S. investors.
About Global Partners LP
Building
on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated
owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates
or maintains dedicated storage at 53 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning
from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual
oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global
owns, supplies, and operates more than 1,700 retail locations across 12 Northeast states, the Mid-Atlantic, and Texas, providing the fuels
people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s
Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition.
Global,
a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” 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, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s
current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes
that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the
Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are
beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United
States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual
results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these
assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of
business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).
For additional information
regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see
Global’s filings with the SEC, including its 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. Global undertakes 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.
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