CrossAmerica Partners Enters into a New $925 Million Credit Facility
03 Abril 2023 - 5:45AM
CrossAmerica Partners Enters into a
New $925
Million Credit Facility
ALLENTOWN, PA, April 3, 2023 – CrossAmerica Partners LP (NYSE:
CAPL) today announced that it entered into an amended and restated
five-year Revolving Credit Facility agreement with a syndicate of
lenders led by Citizens Bank, N.A. (the “Amended Facility”). The
Amended Facility provides borrowing capacity up to $925 million, an
increase from the previous revolving credit facility capacity of
$750 million. As part of the amendment and restatement, proceeds
from the Amended Facility were used to repay all outstanding
balances on the $200 million credit facility entered into by a
subsidiary of the Partnership in 2021 to finance its acquisition of
assets from 7-Eleven, Inc. and Speedway LLC.
"We are pleased to finalize this amendment and restatement of
our revolving credit facility with our banking partners,” said
Charles Nifong, Chief Executive Officer and President. “This
amended facility extends our maturity profile, allows us to
consolidate our borrowings into one credit facility and provides us
with the financial flexibility to continue to pursue our strategic
initiatives into the future. We appreciate the support we received
from our lenders during this process.”
The Amended Facility matures on March 31, 2028, and, subject to
certain conditions, may be increased by an additional $350 million.
Borrowings under the Amended Facility will bear interest, at the
Partnership’s option, at a rate equal to the secured overnight
financing rate (“SOFR”) plus a margin ranging from 1.75% to 2.75%
per annum plus a customary credit spread adjustment or an
alternative base rate plus a margin ranging from 0.75% to 1.75% per
annum, depending on the Partnership’s Consolidated Leverage Ratio.
Until the Partnership delivers a compliance certificate for the
fiscal quarter ending June 30, 2023, the applicable margin for SOFR
and alternative base rate loans will be 2.25% and 1.25%,
respectively, and the commitment fee rate will be 0.35%.
CrossAmerica will also be filing a Form 8-K with the Securities
and Exchange Commission describing additional terms and conditions
of the Amended Facility.
About CrossAmerica Partners LP
CrossAmerica Partners LP is a leading wholesale
distributor of motor fuels, convenience store operator, and owner
and lessee of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is indirectly
owned and controlled by entities affiliated with Joseph V. Topper,
Jr., the founder of CrossAmerica Partners and a member of the board
of the general partner since 2012. Formed in 2012, CrossAmerica
Partners LP is a distributor of branded and unbranded petroleum for
motor vehicles in the United States and distributes fuel to
approximately 1,750 locations and owns or leases approximately
1,150 sites. With a geographic footprint covering 34 states, the
Partnership has well-established relationships with several major
oil brands, including ExxonMobil, BP, Shell, Sunoco, Valero, Gulf,
Citgo, Marathon and Phillips 66. CrossAmerica Partners LP ranks as
one of ExxonMobil’s largest distributors by fuel volume in the
United States and in the top 10 for additional brands. For
additional information, please visit
www.crossamericapartners.com.
Cautionary Statement Regarding
Forward-Looking Statements
Statements contained in this release that state the
Partnership’s or management’s expectations or predictions of the
future are forward-looking statements. The words “believe,”
“expect,” “anticipate,” “should,” “intends,” “estimates,” “target”
and other similar expressions identify forward-looking statements.
It is important to note that actual results could differ materially
from those projected in such forward-looking statements. For more
information concerning factors that could cause actual results to
differ from those expressed or forecasted, see CrossAmerica’s
annual reports on Form 10-K, quarterly reports on Form 10-Q and
other reports filed with the Securities and Exchange Commission,
and available on the Partnership’s website at
www.crossamericapartners.com. The Partnership undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or
otherwise.
Contact - Randy Palmer, Investor Relations,
rpalmer@caplp.com
CrossAmerica Partners (NYSE:CAPL)
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