Global Partners Announces Cash Distribution on Series B Preferred Units

Rhea-AI Summary

Global Partners LP (NYSE: GLP) has announced its Board of Directors has declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit annualized) on the Partnership's 9.50% fixed-rate Series B preferred units. The distribution covers the period from February 15, 2025, through May 14, 2025, and will be paid on May 15, 2025, to Series B preferred unitholders of record as of May 1, 2025.

The announcement includes notice to brokers and nominees regarding non-U.S. investors, stating that 100% of distributions are subject to U.S. trade or business income tax withholding at the highest applicable effective tax rate plus 10%.

Positive

• Consistent quarterly distribution maintained at $0.59375 per Series B preferred unit
• 9.50% fixed-rate yield on Series B preferred units provides stable income stream

Negative

• None.

WALTHAM, Mass.--(BUSINESS WIRE)-- 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 February 15, 2025 through May 14, 2025. The distribution will be paid on May 15, 2025 to Series B preferred unitholders of record as of the opening of business on May 1, 2025.

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 54 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, operates and/or supplies approximately 1,700 retail locations across the 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250414376535/en/

Gregory B. Hanson

Chief Financial Officer

Global Partners LP

(781) 894-8800

Sean T. Geary

Chief Legal Officer and Secretary

Global Partners LP

(781) 894-8800

Source: Global Partners LP

FAQ

What is the quarterly distribution amount for Global Partners LP's Series B preferred units?

Global Partners LP (GLP) declared a quarterly distribution of $0.59375 per unit on its Series B preferred units.

When will Global Partners LP (GLP) pay its Series B preferred unit distribution?

The distribution will be paid on May 15, 2025, to unitholders of record as of May 1, 2025.

What is the annualized distribution rate for GLP's Series B preferred units?

The annualized distribution rate is $2.375 per unit, based on the quarterly payment of $0.59375.

What is the tax withholding rate for non-U.S. investors holding GLP units?

Non-U.S. investors are subject to withholding at the highest applicable effective tax rate plus 10% on 100% of distributions.