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GLP

Global Partners

$15.65

-0.05 (-0.32%)

08:34
12/22/16
12/22
08:34
12/22/16
08:34

Global Partners announces early termination of railcar sublease

Global Partners announced that its wholly owned subsidiary, Global Companies, has signed an agreement to terminate early a sublease for 1,610 railcars leased from a third party. As part of this agreement, in the fourth quarter of 2016 Global will make a one-time discounted lease termination payment. The payment represents a discount of approximately $10.2 million from approximately $72M in railcar lease payments that Global would have been obligated to pay over the next three years. The termination of the sublease eliminates future lease payments related to these railcars of approximately $30M, $29M and $13M in 2017, 2018 and 2019, respectively. In the fourth quarter of 2016, the Partnership expects to incur a one-time expense of approximately $81M associated with the early termination. In addition to the discounted lease termination payment, the one-time expense includes costs for future railcar storage, freight, cleaning and inspection services as well as certain non-cash accounting adjustments associated with the early termination. In connection with the sublease termination, the Partnership executed an amendment to its credit agreement that permits the use of borrowings to make the early termination payment. The amendment also accelerates the step-down in the combined total leverage ratio from 5.50 times to 5.00 times effective with the fiscal quarter ending December 31, 2016.

GLP Global Partners
$15.65

-0.05 (-0.32%)

12/24/15
MUFG
12/24/15
UPGRADE
MUFG
Overweight
Global Partners upgraded to Overweight from Neutral at Mitsubishi UFJ
01/29/16
MUFG
01/29/16
DOWNGRADE
Target $20
MUFG
Neutral
Global Partners downgraded to Neutral from Overweight at Mitsubishi UFJ
Mitsubishi UFJ analyst Barrett Blaschke downgraded Global Partners to Neutral citing the "surprise reduction" in the partnership's distribution. The analyst cut his price target for the shares to $20 from $31.
01/29/16
01/29/16
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abbott (ABT) downgraded to Market Perform from Outperform at William Blair... Chuy's (CHUY) downgraded to Market Perform from Outperform at Raymond James... Cypress Semiconductor (CY) downgraded to Neutral from Buy at Sterne Agee CRT... Darden (DRI) downgraded to Underperform from Market Perform at Raymond James... Dominion (D) downgraded to Neutral from Buy at UBS... Ensco (ESV) downgraded to Neutral from Buy at Citi... First Financial (FFIN) downgraded to Sell from Hold at Sandler O'Neill... Global Partners (GLP) downgraded to Neutral from Overweight at Mitsubishi UFJ... Investors Bancorp (ISBC) downgraded to Sell from Neutral at Compass Point... NetScout (NTCT) downgraded to Hold from Buy at Needham... Precision Castparts (PCP) downgraded to Sell from Buy at Gabelli... Spirit AeroSystems (SPR) downgraded to Sell from Neutral at Goldman... Synaptics (SYNA) downgraded to Buy from Strong Buy at Needham... Terex (TEX) downgraded to Market Perform from Outperform at Avondale... UniCredit (UNCFF) downgraded to Hold from Buy at Berenberg... United Rentals (URI) downgraded to Neutral from Positive at Susquehanna... Xcel Energy (XEL) downgraded to Neutral from Outperform at Macquarie.
11/09/16
MUFG
11/09/16
DOWNGRADE
MUFG
Underweight
Global Partners downgraded to Underweight from Neutral at MUFG

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GBL

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CC

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AIMT

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CMCM

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GM

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