GLP - GLP.PR.B: Buy The Only Remaining Preferred Shares From Global Partners
2024-03-24 07:02:45 ET
Summary
- Global Partners is a U.S. MLP that operates gasoline stations and convenience stores in the Northeast.
- GLP's common shares have seen a significant increase in value due to better profitability and expansion plans.
- The Series B preferred shares offer an attractive 9% current yield, and are cumulative and fixed rate.
- The company is retiring on April 15, 2024 its Series A preferred shares, following a debenture issuance.
Thesis
Global Partners (GLP) is a U.S. Master Limited Partnership ('MLP') which functions as an owner, supplier and operator of gasoline stations and convenience stores. The MLP has seen its common shares rocket upwards in the past year, on the back of better than expected profitability and expansion plans: