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SCOTTSDALE, Ariz. -- Giant Industries Inc.'s Travel Center, located on Interstate 40, east of Gallup, N.M., has been sold to Pilot Travel Centers LLC, the company announced after the sales completion.
This follows the company's debt reduction strategy, with proceeds of the sale to be used for the reduction of outstanding balances of the company's revolving credit facility, according to reports. This sale, along with other asset sales, allowed Giant to satisfy a credit facility covenant to reduce the outstanding principal balance of this facility by $15 million. This is from the sale of assets between October 1, 2002 and June 30, 2003.
Giant Industries is headquartered in Scottsdale, Ariz., and operates a chain of retail service station/convenience stores in New Mexico, Colorado and Arizona.