Business Context and Reporting Period
This Form 8-K Current Report was filed by Global Partners LP on October 16, 2023. The filing serves as a Regulation FD disclosure regarding the declaration of quarterly cash distributions for the Partnership's preferred units. The Partnership is incorporated in Delaware and trades on the New York Stock Exchange under the symbols GLP, GLP pr A, and GLP pr B.
Key Financial Metrics
The filing details specific distribution metrics for preferred unitholders but does not provide consolidated revenue, profit, cash flow, or debt figures for the reporting period.
- Series A Preferred Units: Quarterly distribution of $0.77501 per unit ($3.10 annualized). The applicable distribution rate is approximately 12.40%.
- Series B Preferred Units: Quarterly distribution of $0.59375 per unit ($2.375 annualized) on the 9.50% fixed-rate units.
- Payment Date: November 15, 2023.
- Record Date: November 1, 2023.
Material Changes
The filing does not report material changes to the company's financial position, operations, or debt levels compared to prior periods. The primary event is the Board of Directors' declaration of the quarterly distributions for the period from August 15, 2023, through November 14, 2023.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or discussion of specific risks and contingencies beyond the standard disclosure that the information is not deemed "filed" under Section 18 of the Exchange Act unless specifically incorporated by reference.
Investor Verification Checklist
- Verify the record date of November 1, 2023, to confirm eligibility for the upcoming November 15, 2023, payment.
- Confirm the Series A distribution rate of approximately 12.40% based on the August 11, 2023, determination date.
- Review the attached press release (Exhibit 99.1) for any additional context not included in the 8-K summary.
- Note that this filing does not contain updated financial statements or operational metrics.