S&P gives Global Partners notes B+

S&P said it assigned its B+ issue-level and 4 recovery ratings to Global Partners LP’s proposed $350 million of senior unsecured notes due in 2029. The 4 recovery rating indicates expectations for modest (30%-50%; rounded estimate: 35%) recovery in the event of a default.

The company plans to use the proceeds to repay its $300 million of 7% notes due in 2023 and repay a portion of its revolver balance in a debt-for-debt refinancing

“We view the transaction as credit neutral, recognizing the company will extend its maturity wall,” S&P said in a press release.

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