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WESTLAKE, Ohio -- TravelCenters of America LLC (TA) entered into a new $200-million revolving credit facility, replacing a $100-million credit facility with a maturity date of Nov. 12, 2012. The new credit facility has an Oct. 25, 2016 maturity date.
Drawings under TA's 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 to $300 million in certain circumstances, according to a company release.
Wells Fargo Capital Finance LLC, part of Wells Fargo & Co., acted as sole lead arranger and bookrunner for the new credit facility. Other banks participating are: 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) and City National Bank (lender).