- Global and Phillips 66 (NYSE:PSX) signed a five-year take-or-pay contract under which Global is using its rail transloading, logistics and transportation system to deliver crude oil from the Bakken region of North Dakota to Phillips 66’s Bayway, NJ refinery. The agreement includes a take-or-pay commitment from Phillips 66 to receive approximately 91 million barrels of crude oil over the contract term.
- Global completed its acquisition of a 60% membership interest in Basin Transload, which operates two transloading facilities for crude oil and other products in Columbus and Beulah, ND with a combined rail loading capacity of 160,000 barrels per day.
- Global completed its acquisition of 100% of the membership interests of Cascade Kelly Holdings, which owns a West Coast crude oil and ethanol facility near Portland, Oregon. The assets include a rail transloading facility serviced by the BNSF Railway, 200,000 barrels of storage capacity, a deepwater marine terminal with access to a 1,200-foot leased dock and the largest ethanol plant on the West Coast.
- In connection with its Basin Transload and Cascade Kelly acquisitions, Global increased its bank credit facility by $115 million and issued a $70 million senior unsecured five-year note to funds managed by GSO Capital Partners LP, the credit arm of The Blackstone Group.
- The Board of Directors of the Partnership’s general partner, Global GP LLC, increased the Partnership’s quarterly cash distribution to $0.57 per unit ($2.28 per unit on an annualized basis) on all of its outstanding common units for the period from October 1 through December 31, 2012. The distribution was paid on February 14, 2013 to unitholders of record as of the close of business February 5, 2013.