Global Partners Announces Cash Distributions on Series A and B Preferred Units

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Global Partners LP announces cash distributions for its preferred units

Positive

• Global Partners LP has declared a cash distribution of $0.77501 per unit ($3.10 per unit on an annualized basis) on its fixed-to-floating rate Series A preferred units for the period from August 15, 2023 through November 14, 2023. The applicable distribution rate on the Series A preferred units is approximately 12.40%. The distribution will be payable on November 15, 2023 to holders of record as of November 1, 2023. Additionally, a cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) has been declared on the Partnership's 9.50% fixed-rate Series B preferred units for the same period. The distribution will also be payable on November 15, 2023 to holders of record as of November 1, 2023.

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WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYSE: GLP) (the “Partnership”) announced today that the Board of Directors (the “Board”) of its general partner, Global GP LLC, has declared a cash distribution of $0.77501 per unit ($3.10 per unit on an annualized basis) on the Partnership’s fixed-to-floating rate Series A preferred units for the period from August 15, 2023 through November 14, 2023. The applicable distribution rate on the Series A preferred units, as calculated by the Partnership’s calculation agent, is approximately 12.40%, based on a determination date of August 11, 2023. This distribution will be payable on November 15, 2023 to holders of record as of the opening of business on November 1, 2023.

The Board also declared a 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 August 15, 2023 through November 14, 2023. This distribution will be payable on November 15, 2023 to holders of record as of the opening of business on November 1, 2023.

Non-U.S. Withholding Information

This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

About Global Partners LP

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. 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/20231013101037/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 cash distribution per unit for Global Partners LP's Series A preferred units?

The cash distribution per unit for Global Partners LP's Series A preferred units is $0.77501 ($3.10 per unit on an annualized basis).

What is the distribution rate on the Series A preferred units?

The distribution rate on the Series A preferred units is approximately 12.40%.

When will the distributions be payable?

The distributions will be payable on November 15, 2023.

Who are the holders of record eligible for the distributions?

The holders of record as of November 1, 2023 are eligible for the distributions.