The energy supply company priced the 3.565 million common units in its public offering at $40.24 a common unit. The underwriters of the offering have a 30-day option to buy up to an additional 534,750 common units to cover any overallotments in the offering.
Global Partners said it plans to use the net proceeds from the offering to reduce its indebtedness outstanding under its revolving credit facility.
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The company expects to close the sale of commons units on Dec. 10.
TheStreet Ratings team rates GLOBAL PARTNERS LP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GLOBAL PARTNERS LP (GLP) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, notable return on equity, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."