Casey's Sales Drop, Pantry Refinances

Casey's gas down, merchandise up; Pantry enters into agreement on senior credit facility

Published in CSP Daily News

ANKENY, Iowa -- Casey's General Stores Inc.'s reported a decrease in sales in December while The Pantry refinanced a portion of its debt on several properties, according to separate filings with the Securities & Exchange Commission (SEC).

Casey's General Stores same-store gasoline sales dropped in December, while same-store sales of grocery, food and other merchandise rose, according to the SEC filing Tuesday cited by the Associated Press.

The Ankeny, Iowa-based convenience store chain said the number of same-store gasoline gallons sold fell 5.6% in December 2007 compared with [image-nocss] December 2006. The average retail price of gasoline sold during the month was $2.83 per gallon.

Meanwhile, same-store sales of grocery and other merchandise increased 3.1%, and prepared food and fountain same-store sales jumped 6.4%.

Meanwhile, Sanford, N.C.-based The Pantry Inc. said in an SEC filing that it has entered into a Third Amended & Restated Credit Agreement governing its senior credit facility.

The agreement "requires the company to enter into fully executed and notarized security instruments (amendments or new security instruments, as applicable) encumbering real property in 10 states. Pursuant to that requirement, on Jan. 9, 2008, the company entered into security instruments encumbering real property in Alabama, Florida, Georgia, Indiana, Kentucky, Louisiana, North Carolina, South Carolina, Tennessee and Virginia."