Business Context and Reporting Period
Company: Global Partners LP
Filing Type: Form 8-K (Current Report)
Date of Report: April 19, 2019
Event: Entry into a Material Definitive Agreement (Third Amendment to Credit Agreement).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or operating margins. It focuses on debt facility terms:
- Working Capital Revolving Credit Facility: $850.0 million
- Revolving Credit Facility: $450.0 million
- Interest Rate Adjustment: Reduction of 0.25% on applicable rates for base rate loans, Eurocurrency rate loans, cost of funds rate loans, and letters of credit.
Material Changes Versus Prior Period
The Third Amendment modifies the Third Amended and Restated Credit Agreement dated April 25, 2017, with the following specific changes:
- Maturity Extension: The maturity date for both the $850.0 million working capital facility and the $450.0 million revolving facility was extended from April 30, 2020, to April 29, 2022.
- Cost Reduction: Applicable interest rates were reduced by 0.25%.
- Other Terms: All other material terms remain substantially the same as disclosed in the 2018 Form 10-K.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard incorporation of the credit agreement terms. The document confirms the creation of a direct financial obligation via the amended credit agreement.
Investor Verification Checklist
- Verify the total available liquidity under the extended $1.3 billion combined revolving facilities.
- Confirm the impact of the 0.25% interest rate reduction on future interest expense projections.
- Review the 2018 Form 10-K to understand the covenants that remain unchanged under the new amendment.
- Check for any subsequent filings regarding the utilization of these credit facilities.