Item 1.01. Entry into a Material Definitive Agreement
On March 30, 2022, Global Partners LP (the "Partnership"), as guarantor, and
certain of its subsidiaries, as borrowers, entered into the Seventh Amendment to
Third Amended and Restated Credit Agreement (the "Seventh Amendment"), which
further amends the Third Amended and Restated Credit Agreement dated April 25,
2017 (as amended, the "Credit Agreement"). The Seventh Amendment amends certain
terms and provisions of the Credit Agreement to provide for, among other things,
(i) an increase of $200.0 million in the Aggregate WC Commitments and a
simultaneous reduction in the WC Interim Commitments to $0 such that the total
Aggregate Commitments under the Credit Agreement remain at $1.55 billion; (ii) a
refresh of the accordion feature under Section 2.13 (Increase in Commitments) of
the Credit Agreement to permit the Borrowers to request increases of up to
$300.0 million in the Aggregate WC Commitments, the Aggregate WC Interim
Commitments and/or the Aggregate Revolving Commitments pursuant to the terms
thereof; and (iii) a replacement of the Cost of Funds pricing option with a
Daily SOFR pricing option. After giving effect to such increase in the Aggregate
WC Commitments, the Aggregate WC Commitments will be $1.1 billion. Capitalized
terms used but not otherwise defined herein shall have the meanings respectively
ascribed to such terms in the Credit Agreement.
The foregoing description of the Seventh Agreement does not purport to be
complete and is qualified in its entirety by reference to the Seventh Agreement.
A copy of the Seventh Agreement is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
All other material terms of the Credit Agreement remain the same as disclosed in
the Partnership's Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, as amended by the Partnership's Current Report on Form 8-K
filed on March 15, 2022.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
The description of the Seventh Amendment under Item 1.01 above is incorporated
into this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Seventh Amendment to Third Amended and Restated Credit Agreement,
dated March 30, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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