Global Partners (NYSE: GLP) reported Tuesday that it will offer 3.4 million common units at $22.75 per common unit in a move to reduce its debt, according to Associated Press.
Underwriters will have a 30-day option to purchase up to 510,000 common units to cover any overallotments.
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The sale is expected to close by Friday.
Global Partners distributes gasoline, heating oil, diesel, kerosene and residual oil to wholesalers, retailers and commercial customers in the Northeast.
Global shares fell $1.32, or 5.5 percent, to $22.68 at Tuesday’s close.
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