Casey's General Stores gets $100 million replacement lines of credit

By Wendy Van Sickle

Columbus, Ohio, June 10 – Casey's General Stores, Inc. delivered to UMB Bank, NA on Thursday two replacement promissory notes, each for $50 million, to terminate and replace its current line of credit arrangements with UMB, according to an 8-K filing with the Securities and Exchange Commission.

The replaced lines of credit were evidenced by promissory notes dated May 23, 2011.

Interest on the first promissory note is initially 1.13% per year, with a rate of 75 basis points over the Federal Funds offered rate. Interest on the second promissory note is initially 1.38% per year, with a rate of 100 bps over the Federal Funds offered rate.

The note is payable in full upon the lender's demand. The company will pay regular monthly payments of accrued interest, beginning July 1.

Casey's is a convenience store operator based in Ankeny, Iowa.

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