The new facility replaces TA’s previous $100 million credit facility, which had a maturity date of Nov. 12, 2012. The maturity date of the new facility is Oct. 25, 2016.
Drawings under this new credit facility will require interest payments of LIBOR plus a spread (currently 225 basis points) and are secured by TA’s accounts receivable, inventory and other assets (excluding real estate assets). The new credit facility also includes a feature under which the maximum borrowing may be increased up to $300 million in certain circumstances.
Wells Fargo Capital Finance LLC, part of Wells Fargo & Co., acted as sole lead arranger and bookrunner for the new facility. Banks participating in the new facility are as follows:
Name of Institution and Facility Title:
Wells Fargo Capital Finance LLC, Sole Lead Arranger and Bookrunner
PNC Bank, National Association, Syndication Agent
Regions Bank, Co-Documentation Agent
UBS Loan Finance LLC, Co-Documentation Agent
Citibank NA, Lender
First Merit Bank N.A., Lender
The Huntington National Bank, Lender
Flagstar Bank FSB, Lender
Siemens Financial Services, Inc., Lender
City National Bank, Lender
TA’s travel centers operate under the “TravelCenters of America”, “TA” and “Petro” brand names and offer diesel and gasoline fuel, restaurants, truck repair services, travel and convenience stores and other services. TA’s nationwide business includes travel centers located in 41 U.S. states and in Canada.