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:
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190722005048/en/
Katie Strohacker, Senior Director, Investor Relations
(617) 796-8251