Pantry is the fourth-largest independently owned convenience store operator in the U.S. It runs 1,538 stores, primarily under the Kangaroo Express banner.

The company has $250 million in 8.375% senior unsecured notes due Aug. 1, 2020, with syndicate managers Bank of America Merrill Lynch, BMO Capital Markets, RBC Dominion Securities, SunTrust Robinson Humphrey and Wells Fargo & Co. The trustee for the notes is U.S. Bank NA.

The company said in a Feb. 20 investor letter that it has $174 million in liquidity and no near-term debt maturities.

Pantry also has two bank loans: a $253 million senior secured Term Loan B due Aug. 2, 2019, bearing interest at Libor plus 375; and a $225 million senior secured revolving credit facility due Aug. 3, 2017, bearing interest at Libor plus 425.

Pantry's shares closed up $0.04, or 0.26%, at $15.44 Thursday after news of the board election. It has a market capitalization of about $362.4 million.

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