Arko GPM unit ups secured revolver to $800 million, extends to 2028

By Mary-Katherine Stinson

Lexington, Ky., May 8 – Arko Corp.’s wholly owned subsidiary GPM Petroleum LP on May 5 entered into a second amended and restated credit agreement which provided a secured revolving credit facility with Capital One, NA, as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The maturity of the revolver was extended to May 5, 2028 from July 15, 2024 and the availability was increased to $800 million from $500 million. The company can request an increase up to a total of $1 billion subject, subject to obtaining additional financing commitments from current lenders or from other banks.

The SOFR margin, based on leverage, starts at 225 basis points and goes up to 325 bps, subject to a 0% floor.

The commitment fee, based on a five-tier grid, is 30 bps to 50 bps.

BofA Securities, Inc., Keybank Capital Markets Inc., Santander Bank, NA and Wells Fargo NA join Capital One as joint lead arrangers and joint bookrunners.

Bank of America, NA, Keybank NA Santander Bank, NA and Wells Fargo Bank, NA are the co-syndication agents.

Fifth Third Bank, NA and Raymond James Bank are the co-documentation agents.

Previously, the agreement dated July 15, 2019 was capped at $500 million with the ability to increase up to $700 million, subject to obtaining additional financing commitments and certain terms and conditions.

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

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