WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced that, through a wholly owned subsidiary, it has completed the previously announced sale of 30 non-strategic gasoline stations and convenience stores in New York and Pennsylvania to Mirabito Holdings, Inc. for approximately $40 million. The transaction includes long-term supply contracts for branded and unbranded gasoline and other petroleum products. Approximately $28 million of the proceeds were used to pay down debt under the Partnership’s revolving credit facility and the balance of the proceeds remain available to pursue like-kind exchange transactions to acquire retail gasoline assets.
“The Mirabito transaction reflects our ongoing focus on monetizing non-strategic retail sites to further strengthen our balance sheet and provide additional flexibility to invest in assets that are fundamental to our growth objectives,” said Global President and Chief Executive Officer Eric Slifka. “At the same time, establishing long-term supply agreements with the purchaser allows us to continue to earn a supply margin.”
About Global Partners LP
A publicly traded master limited partnership, Global is a midstream logistics and marketing company that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. Global also is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York. The Partnership is engaged in the transportation of crude oil and other products by rail from the mid-continental U.S. and Canada to the East and West Coasts for distribution to refiners and others. With approximately 1,500 locations, primarily in the Northeast, Global also is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global is No. 276 in the Fortune 500 list of America’s largest corporations. For additional information, visit www.globalp.com.
