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Global Partners LP (NYSE: GLP) filed a Form 8-K (Item 7.01) to disclose a routine preferred-unit distribution. The Board of its general partner declared a quarterly cash distribution of $0.59375 per Series B preferred unit, equivalent to $2.375 annually, covering the period 15 May 2025 鈥� 14 Aug 2025. The distribution will be paid on 15 Aug 2025 to Series B preferred unitholders of record at the opening of business on 1 Aug 2025. No other operational, financial or strategic developments were reported. The information is furnished, not filed, under Regulation FD and is accompanied by the press release (Exhibit 99.1).

Travel + Leisure Co. (TNL) filed a Form 144 that discloses the proposed sale of up to 6,863 common shares through Merrill Lynch, Iselin, NJ, with an expected sale date of 07/08/2025. The shares carry an aggregate market value of $390,847.85 and represent roughly 0.01 % of the company鈥檚 66,415,595 shares outstanding, indicating a modest transaction size relative to the float. The securities being sold were acquired via restricted stock unit (RSU) vestings on 27 Feb 2018, 28 Feb 2017 and 27 Feb 2017. No other insider sales have been reported in the past three months. By signing the notice, the filer affirms they possess no undisclosed material adverse information about the issuer.

Global Partners (NYSE:GLP) filed a Form 4 reporting that Chief Operating Officer Mark Romaine sold a total of 9,000 common units on 06/24鈥�06/25/2025 under a pre-arranged Rule 10b5-1 plan.

The transactions comprised 6,659 units at a weighted-average $54.26 (range $54.00-$54.83) and 2,341 units at $51.53 (range $51.35-$51.82), generating roughly $0.48 million in proceeds.

Romaine鈥檚 beneficial ownership declined from 166,531 to 157,531 units, a 5.4% reduction. No derivative trades were reported.

While the plan mitigates timing concerns, a C-suite sale of this size can influence investor sentiment.

Global Partners LP insider Mark Romaine has filed Form 144 indicating a proposed sale of 36,000 common shares with an aggregate market value of $1,953,212.40. The shares are to be sold through Raymond James & Associates on the NYSE, with an approximate sale date of June 24, 2025.

The securities to be sold were acquired through multiple phantom grant transactions in 2025:

• 12,686 shares on March 4, 2025
• 5,765 shares on March 27, 2025
• 11,479 shares on May 6, 2025
• 6,070 shares on January 17, 2025

The filing also discloses that Romaine previously sold 12,800 shares on March 25, 2025, for gross proceeds of $677,305. The total shares outstanding are 33,995,563. All shares were acquired as compensation through phantom grants from the issuer.

Global Partners LP (GLP) filed an 8-K to disclose completion of a $450 million private placement of 7.125% senior notes due 2033. The notes, issued by GLP and wholly-owned subsidiary GLP Finance Corp., were executed under an Indenture dated 23 June 2025 with Regions Bank as trustee and are joint-and-several senior unsecured obligations of the issuers and designated guarantor subsidiaries.

Key terms: the notes mature 1 July 2033; interest accrues at 7.125% and is payable semi-annually beginning 1 January 2026. Prior to 1 July 2028 the issuers may redeem up to 35% with equity-offering proceeds at 107.125% of par, or redeem all notes at a make-whole price. Thereafter, optional redemption prices step down to 103.563% (2028-29), 101.781% (2029-30) and 100% from 1 July 2030 forward.

The Indenture contains restrictive covenants limiting additional indebtedness, preferred unit issuance, restricted payments, subsidiary distributions, liens, asset sales and mergers. Events of default include non-payment, covenant breaches, certain bankruptcy events and cross-acceleration/payment defaults over $50 million, as well as judgment defaults exceeding $50 million.

Use of proceeds: GLP applied the net proceeds to (i) fund a cash tender offer purchasing a portion of its outstanding 7.00% senior notes due 2027 and (ii) repay borrowings under its credit agreement. Any 2027 notes not tendered will be fully redeemed at 100% of principal plus accrued interest on or about 1 August 2025, following delivery of a redemption notice to the trustee.

Strategic impact: the transaction extends GLP鈥檚 debt maturity profile by six years, reduces near-term refinancing risk and partially de-leverages the revolving credit facility, though it locks in a coupon 12.5 basis points higher than the retired 2027 notes and increases unsecured debt until the redemption and credit-facility pay-down are completed.