TravelCenters of America LLC Improves Pricing and Extends Maturity on Existing $200 Million Credit Facility to July 2024
July 22 2019 - 8:00AM
Business Wire
TravelCenters of America LLC (Nasdaq: TA) today announced that
it has amended the loan and security agreement governing its $200
million unsecured revolving credit facility.
Prior to the amendment, TA’s credit facility had a maturity date
of December 19, 2019 and required interest on drawings at either a
rate of LIBOR or a base rate, plus a premium. Under the amended
revolving credit facility, the premiums charged for each of the
three pricing tiers were decreased by 25 basis points and the
maturity was extended to July 19, 2024. Other improvements include
reduced fees related to the letter of credit price tiers. The
unused line fee remains unchanged. Both the premiums over either
LIBOR or a base rate and the unused line fee continue to be subject
to adjustments based on facility availability, utilization, and
other matters.
Wells Fargo Capital Finance, LLC is the Administrative Agent and
Sole Lead Arranger, Manager and Bookrunner for the amended credit
facility. Banks participating in the amended credit facility are as
follows:
Name of
Institution
Facility
Title
Wells Fargo Capital Finance, LLC
Administrative Agent and Sole Lead
Arranger, Manager and Bookrunner
PNC Bank, National Association
Syndication Agent
Siemens Financial Services, Inc.
Lender
The Huntington Bank National Bank
Lender
Bank of America, N.A.
Lender
Citibank, N.A.
Lender
US Bank National Association
Lender
About TravelCenters of America LLC:
TA's nationwide business includes travel centers located in 43
U.S. states and in Canada and standalone restaurants in 13 states.
TA's travel centers operate under the "TravelCenters of America,"
"TA," "TA Express," "Petro Stopping Centers" and "Petro" brand
names and offer diesel and gasoline fueling, restaurants, truck
repair services, travel/convenience stores and other services
designed to provide attractive and efficient travel experiences to
professional drivers and other motorists. TA's standalone
restaurants operate principally under the "Quaker Steak & Lube"
brand name.
WARNING CONCERNING
FORWARD LOOKING STATEMENTS
This press release contains statements that constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and other securities laws. Also,
whenever TA uses words such as “believe”, “expect”, “anticipate”,
“intend”, “plan”, “estimate”, “will”, “may”, and negatives or
derivatives of these or similar expressions, TA is making forward
looking statements. These forward looking statements are based upon
TA’s present intent, beliefs or expectations, but forward looking
statements are not guaranteed to occur and may not occur. Actual
results may differ materially from those contained in or implied by
TA’s forward looking statements as a result of various factors. For
example:
- Continued availability of borrowings under TA’s revolving
credit facility is subject to limits based on TA’s maintaining
certain levels of qualifying collateral. Accordingly, the maximum
amount available under the credit facility to borrow or for letters
of credit may be less than $200 million.
- The premiums used to determine the interest rate payable on
TA’s revolving credit facility and the facility fee payable on TA’s
revolving credit facility are based on TA’s maintaining certain
levels of qualifying collateral. Future changes in TA’s qualifying
collateral may cause the interest and fees it pays to
increase.
The information contained in TA’s filings with the Securities
and Exchange Commission, or SEC, including under the caption “Risk
Factors” in TA’s periodic reports, or incorporated therein,
identifies other important factors that could cause TA’s actual
results to differ materially from those stated in or implied by
TA’s forward looking statements. TA’s filings with the SEC are
available on the SEC’s website at www.SEC.GOV.
You should not place undue reliance upon TA’s forward looking
statements.
Except as required by law, TA does not intend to update or
change any forward looking statements as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005048/en/
Katie Strohacker, Senior Director, Investor Relations (617)
796-8251
TravelCenters of America (NASDAQ:TA)
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