CrossAmerica Partners enters $925 million restated revolver

By Marisa Wong

Los Angeles, April 3 – CrossAmerica Partners LP announced it entered into an amended and restated five-year revolving credit facility agreement with a syndicate of lenders led by Citizens Bank, NA.

The amended facility provides borrowing capacity up to $925 million, an increase from the previous revolving credit facility capacity of $750 million, according to a press release.

As part of the amendment and restatement, proceeds from the amended facility were used to repay all outstanding balances on the $200 million credit facility entered into by a subsidiary of the partnership in 2021 to finance its acquisition of assets from 7-Eleven, Inc. and Speedway LLC.

The restated revolver matures on March 31, 2028 and may be increased by an additional $350 million.

Borrowings bear interest at SOFR plus a margin ranging from 175 basis points to 275 bps, plus a customary credit spread adjustment. The applicable margin depends on the company’s consolidated leverage ratio and is currently 225 bps.

The commitment fee is 35 bps.

CrossAmerica is a wholesale distributor of motor fuels, convenience store operator and owner and lessee of real estate used in the retail distribution of motor fuels.

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