Global Partners LP Announces Full Redemption of Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

Global Partners LP (NYSE: GLP) (“Global”) today announced that it intends to redeem all $69,000,000 of its 2,760,000 issued and outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the “Series A Preferred Units”) (CUSIP: 37946R208). All of the Series A Preferred Units are maintained in book-entry form registered in the name of The Depository Trust Company or its nominee and will be redeemed in accordance with the applicable procedures of The Depository Trust Company or such nominee.

The redemption date will be April 15, 2024 (the “Redemption Date”). The Series A Preferred Units will be redeemed at a redemption price of $25.00 per share, plus an amount equal to all unpaid and accrued distributions thereon to, but excluding, the Redemption Date, less any applicable tax withholding as required by law (the “Redemption Price”), which will be payable in cash on the Redemption Date. After the Redemption, Series A Preferred Units will no longer be outstanding and all of the rights of the holders of Series A Preferred Units will terminate, except the right to receive the Redemption Price. Furthermore, because all of the issued and outstanding shares of Series A Preferred Units are being redeemed, trading of the Series A Preferred Units on the New York Stock Exchange (the “NYSE”) will cease prior to market open on the Redemption Date (or, if such date is not a business day, the following business day). The Series A Preferred Units currently trade on the NYSE under the symbol “GLP pr A”.

We are required to provide qualified notice to brokers and nominees that hold Series A Preferred Units on behalf of non-U.S. investors under Treasury Regulation Sections 1.1446-4(b) and (d) and 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of Global’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, Global’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not Global, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.