SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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|Item 1.01.||Entry into a Material Definitive Agreement|
On May 5, 2021, Global Partners LP (the “Partnership”) and certain of its subsidiaries entered into the Fifth Amendment to Third Amended and Restated Credit Agreement (the “Fifth Amendment”), which further amends the Third Amended and Restated Credit Agreement dated April 25, 2017 (as amended, the “Credit Agreement”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Credit Agreement.
The Fifth Amendment amends certain terms, provisions and covenants of the Credit Agreement, including, without limitation:
|(i)||increases the aggregate commitments under the facilities with the commitment under the working capital revolving credit facility increased to $800.0 million from $770.0 million and the commitment under the revolving credit facility increased to $450.0 million from $400.0 million;|
|(ii)||extends the maturity date for the Credit Agreement from April 29, 2022 to May 6, 2024;|
|(iii)||decreases by 0.125% the applicable rate under the working capital revolving credit facility for borrowings of base rate loans, Eurocurrency rate loans and cost of funds rate loans and for issuances of letters of credit; and|
|(iv)||reduces the Eurocurrency rate floor to zero basis points and the cost of funds rate floor to zero basis points.|
The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Fifth Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
All other material terms of the Credit Agreement remain substantially the same as disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020.
|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 Fifth Amendment to the Credit Agreement under Item 1.01 above is incorporated in this Item 2.03 by reference.
|Item 9.01.||Financial Statements and Exhibits|
|10.1||Fifth Amendment to Third Amended and Restated Credit Agreement, dated as of May 5, 2021.|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|GLOBAL PARTNERS LP|
|By:||Global GP LLC,|
|its general partner|
|Dated: May 6, 2021||By:||/s/ Edward J. Faneuil|
| Executive Vice President,|
General Counsel and Secretary