TravelCenters of America LLC (NYSE Amex: TA) today announced that it has entered into a new $200 million revolving credit facility. The new facility replaces TA’s previous $100 million credit facility, which had a maturity date of November 12, 2012. The maturity date of the new facility is October 25, 2016. Drawings under this new credit facility will require interest payments of LIBOR plus a spread (currently 225 basis points) and are secured by TA’s accounts receivable, inventory and other assets (excluding real estate assets). The new credit facility also includes a feature under which the maximum borrowing may be increased up to $300 million in certain circumstances.
Wells Fargo Capital Finance, LLC, part of Wells Fargo & Company (NYSE: WFC), acted as sole lead arranger and bookrunner for the new facility. Banks participating in the new facility are as follows:
Name of Institution
|Wells Fargo Capital Finance, LLC||Sole Lead Arranger and Bookrunner|
|PNC Bank, National Association||Syndication Agent|
|Regions Bank||Co-Documentation Agent|
|UBS Loan Finance LLC||Co-Documentation Agent|
|First Merit Bank, N.A.||Lender|
|The Huntington National Bank||Lender|
|Flagstar Bank, FSB||Lender|
|Siemens Financial Services, Inc.||Lender|
|City National Bank||Lender|
TA’s travel centers operate under the “TravelCenters of America”, “TA” and “Petro” brand names and offer diesel and gasoline fuel, restaurants, truck repair services, travel and convenience stores and other services. TA’s nationwide business includes travel centers located in 41 U.S. states and in Canada.