TravelCenters of America LLC (TA) announced that it has commenced a public offering of 5,000,000 common shares.
TA expects to use the proceeds from the offering to fund its business and growth strategies and for general business purposes.
Some of the net proceeds may be used to fund a portion of the purchase price of its pending convenience store acquisition and other expansion activities. In November the company announced it was set to acquire 31 convenience stores with retail gasoline stations for $67 million from a private company that operates stores under its proprietary brand name “Minit Mart.”
It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 750,000 common shares.
The joint book-running managers for the offering are Citigroup, RBC Capital Markets and UBS Investment Bank. The co-managers for the offering are BB&T Securities, Craig-Hallum Capital Group, Janney Montgomery Scott and Oppenheimer & Co.