Global Partners LP Announces $450M Private Offering of Senior Unsecured Notes
January 3, 2024
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Global ($NYSE:GLP) Partners LP (NYSE: GLP) announced the launch of a private offering of $450 million of senior unsecured notes. The offering will be made in two series with terms to be determined. The proceeds from the offering will be used for general corporate purposes, including debt repayment and refinancing, and to reduce outstanding borrowings under its revolving credit facility. Global Partners LP is a publicly traded master limited partnership which owns, controls, or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast. Global Partners also owns or operates several power plants and offers a wide range of energy services to its customers.
Share Price
Stock for GLOBAL PARTNERS LP opened at $42.4 on Tuesday and closed at $41.2, down 2.6% from the previous closing price of $42.3. Proceeds from the offering will be used for general corporate purposes, including working capital and capital expenditures. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for GLP. More…
| Total Revenues | Net Income | Net Margin |
| 16.51k | 132.15 | 0.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for GLP. More…
| Operations | Investing | Financing |
| 246.12 | -163.3 | -87 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for GLP. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.05k | 2.28k | 22.8 |
Key Ratios Snapshot
Some of the financial key ratios for GLP are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 20.3% | 9.8% | 1.5% |
| FCF Margin | ROE | ROA |
| 0.9% | 19.6% | 5.0% |
Analysis
At GoodWhale, we analyze GLOBAL PARTNERS LP’s fundamentals to determine its financial health. Our Star Chart shows that GLOBAL PARTNERS LP has a high health score of 8/10, indicating that it has sound cashflows and debt levels, and is capable of paying off debt and funding future operations. GLOBAL PARTNERS LP is particularly strong in dividend, and has a medium score in asset growth, profitability and other metrics. Based on this analysis, we classify GLOBAL PARTNERS LP as a ‘rhino’, a type of company that has achieved moderate revenue or earnings growth. Investors who are looking for a long-term, stable approach to investing may be interested in such a company. GLOBAL PARTNERS LP’s strong dividend yields and moderate revenue growth make it an attractive option for those who seek regular income with low risk. More…
Peers
Global Partners LP is one of the largest publicly traded partnerships and a leading independent owner, operator, and developer of midstream energy assets in North America. The company owns, controls, or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast. Global Partners competes with Martin Midstream Partners LP, YPF SA, and PBF Logistics LP.
– Martin Midstream Partners LP ($NASDAQ:MMLP)
Midstream Partners LP is a publicly traded partnership that owns, operates, and develops midstream assets in the United States. The company’s assets include crude oil and refined products pipelines, terminals, and storage facilities. Midstream Partners LP is headquartered in Houston, Texas.
– YPF SA ($NYSE:YPF)
YPF SA is an Argentine oil company with a market cap of 2.91B as of 2022. The company has a return on equity of 22.03%. YPF SA is engaged in the exploration, development, and production of oil and gas in Argentina. The company also produces and markets natural gas, electricity, and petrochemicals.
– PBF Logistics LP ($NYSE:PBFX)
PBF Logistics LP is a master limited partnership that owns, leases, operates and develops crude oil and refined petroleum products terminals, pipelines, storage tanks and trucks. As of December 31, 2020, the company’s assets included 27 terminals, six pipelines and two trucking fleets with a total capacity of approximately 33.5 million barrels.
PBF Logistics LP has a market cap of 1.33B as of December 31, 2020. The company’s Return on Equity for 2020 was 43.63%.
PBF Logistics LP is engaged in the business of owning, leasing, operating and developing crude oil and refined petroleum products terminals, pipelines, storage tanks and trucks. The company’s terminals are located in California, Louisiana, New Jersey, Ohio and Texas. The company’s pipelines transport crude oil and refined products in Ohio and Texas. The company’s trucking fleet delivers crude oil and refined products to customers in Ohio and Texas.
Summary
Global Partners LP recently announced that they will be offering $450 million in senior unsecured notes. These notes will be private and offered by a select group of institutional investors. The proceeds from the offering will be used to fund current corporate initiatives of Global Partners LP, such as capital expenditures, working capital, and refinancing of debt. This offering could potentially be a great opportunity for investors looking for a high-yield investment with a relatively low-risk profile.
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