TravelCenters of America enters into $200 million revolver due 2016

By Marisa Wong

Madison, Wis., Oct. 25 - TravelCenters of America LLC announced that it entered into a new $200 million revolving credit facility due Oct. 25, 2016 on Tuesday. The new facility replaces TravelCenters' previous $100 million credit facility due Nov. 12, 2012.

Wells Fargo Capital Finance, LLC is lead arranger and bookrunner for the new facility. PNC Bank, NA is the syndication agent. Lenders include Citibank, NA, First Merit Bank, NA, Huntington National Bank, Flagstar Bank, FSB, Siemens Financial Services, Inc. and City National Bank.

Interest payments under the new credit facility will equal Libor plus a spread, which is currently 225 basis points. The spread is based on availability of borrowings under the facility.

Availability is subject to limits based on TravelCenters maintaining certain levels of qualifying collateral. The maximum borrowing amount under the facility may be less than $200 million.

However, the new facility also includes a feature under which the maximum borrowing may be increased up to $300 million in certain circumstances.

TravelCenters is a Westlake, Ohio, network of full-service travel centers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.