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Global Partners LP Message Board

  • jrad52 jrad52 Oct 17, 2010 6:40 PM Flag

    Odds of a secondary?

    GLP doesn't have much of a track record of acquisitions. The only one I could find other than the new gas station deal was the acquisiton of terminals in March 2007. Most of that was financed thru debt, but GLP also issued units in a private placement for the financing. This seems strange, and I wasn't following GLP at that time, but it appears that GLP issued units at a $ 3 discount to market in that private placement ($ 31 market vs $ 28 private placement). The discount isn't surprising, but the stock didn't tank. which is surprising. It actually rose.

    Anyway, I'm thinking that GLP is likely to do another offering; otherwise its debt/equity ratio will go crazy. And my experience with MLPs this year is that their stocks do tank after a discounted offering, at least temporarily.

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