Courtesy of Benzinga.
Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.50 per unit ($2.00 per unit on an annualized basis) on all of its outstanding common units for the period from July 1 through September 30, 2011. The distribution will be paid November 14, 2011 to unitholders of record as of the close of business November 3, 2011.
Global Partners also reaffirmed its previously announced 2011 EBITDA guidance of $75 million to $85 million as well as anticipated 2012 expense reductions.
“We are on track to achieve our 2011 EBITDA expectations and to reduce core expenses by $10 million to $12 million in 2012,” said Eric Slifka, the Partnership’s President and CEO. “These actions, as well as new business opportunities, support the Partnership’s goal to maintain and increase the distribution and maximize returns to unitholders over time.”
