Global Partners (GLP) Announces Completion of $40M non-Strategic Assets Sale

August 24, 2016 8:34 AM EDT

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Global Partners LP (NYSE: GLP) 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.”

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