Arko GPM unit amends $140 million revolver to extend to 2027

By Mary-Katherine Stinson

Lexington, Ky., Dec. 22 – Arko Corp.’s wholly owned subsidiary GPM Investments, LLC entered into an eighth amendment to its revolving credit agreement on Dec. 20 providing a secured revolving credit facility of up to $140 million including revolving loans and letters of credit, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the maturity date by five years to Dec. 22, 2027 and transitions the benchmark rate to SOFR from Libor.

Interest is now at SOFR plus 125 basis points to 175 bps.

It also revised certain negative covenants to provide additional flexibility, including increased fixed-dollar baskets and introduction of basket increases based on average undrawn availability, and added cardlock receivables as a portion of the borrowing base under certain circumstances.

Certain thresholds for default events were increased as well as conforming changes to reflect completed acquisitions and the company’s previously reported internal restructuring. Certain changes related to the borrowers’ obligations to deliver certain information to PNC were also effected.

The company did not incur additional debt or receive any proceeds in connection with the amendment.

PNC Bank, NA is the lender and agent.

Arko is a convenience store operator based in Richmond, Va.

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