TA Accesses $200 Million Credit Facility
Replaces previous line of $100 million
Published in CSP Daily News
WESTLAKE, Ohio -- TravelCenters of America LLC 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 Nov. 12, 2012. The maturity date of the new facility is Oct. 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 & Co., acted as sole lead arranger and bookrunner for the new facility.
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.