By Paul A. Harris
St. Louis, Aug. 20 - Convenience store operator Wawa Inc. priced and upsized $100 million issue of 6.04% nine-year senior notes at a 260 basis points spread to Treasuries, according to a market source.
The pricing came inside of the 300 bps area price talk.
The notes have a 7.7-year average life.
Bank of America Merrill Lynch served as placement agent for the deal, which was upsized from $75 million.
The Wawa, Pa.-based company operates stores in portions of New Jersey, Pennsylvania, Delaware, Maryland and Virginia.
The National Association of Insurance Commissioners views it as a level 2 issuer.
| Issuer: | Wawa Inc.
|
| NAIC: | 2
|
| Amount: | $100 million, upsized from $75 million
|
| Security description: | Senior notes
|
| Maturity: | Nine years
|
| Average life: | 7.7 years
|
| Coupon: | 6.04%
|
| Spread: | 260 bps
|
| Price talk: | 300 bps area
|
| Placement agent: | Bank of America Merrill Lynch
|
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