Deal has $8.54 million greenshoe; funds used for expansion activities
By Devika Patel
Knoxville, Tenn., May 23 - TravelCenters of America LLC said it priced a $56.9 million public sale of common stock. The deal has an $8.54 million greenshoe.
The company will sell 10 million common shares at $5.69 apiece. The price per share is a 2.9% discount to the May 20 closing share price of $5.86.
Citigroup Global Markets Inc., Morgan Keegan & Co., Inc. and UBS Investment Bank are the joint bookrunning managers, and BB&T Capital Markets, RBC Capital Markets and Wells Fargo Securities are co-managers.
Settlement is expected May 27.
Proceeds will be used for general business purposes, including capital improvements to existing travel centers, acquisitions and other expansion activities.
TravelCenters is a Westlake, Ohio, network of full-service travel centers.
| Issuer: | TravelCenters of America LLC
|
| Issue: | Common stock
|
| Amount: | $56.9 million
|
| Greenshoe: | $8,535,000
|
| Shares: | 10 million
|
| Price: | $5.69
|
| Warrants: | No
|
| Managers: | Citigroup Global Markets Inc., Morgan Keegan & Co., Inc., UBS Investment Bank, BB&T Capital Markets, RBC Capital Markets and Wells Fargo Securities
|
| Pricing date: | May 23
|
| Settlement date: | May 27
|
| Stock symbol: | Amex: TA
|
| Stock price: | $5.69 at close May 23
|
| Market capitalization: | $102.51 million
|
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