TravelCenters of America to raise at least $35 million via sale of $25-par senior notes due 2028

By Stephanie N. Rotondo

Phoenix, Jan. 8 - TravelCenters of America LLC has proposed a $35 million sale of $25-par senior notes due 2028, according to a prospectus filed with the Securities and Exchange Commission on Tuesday.

Price talk is around 8¼%, a trader said.

Joint bookrunners are Citigroup Global Markets Inc., RBC Capital Markets LLC and UBS Securities LLC. MLV & Co. is the lead manager and Janney Montgomery Scott LLC, Oppenheimer & Co. and BB&T Capital Markets are the co-managers.

Interest will be payable on the 15th day of January, April, July and October, beginning April 15.

The non-rated notes will become redeemable in 2016 at par plus accrued interest.

TravelCenters intends to list the new securities on the New York Stock Exchange.

Proceeds will be used for general business purposes, including the acquisition of additional travel centers, funding capital improvements and other expansion activities.

TravelCenters of America is a Newton, Mass.-based operator and franchisor of travel centers primarily along the U.S. highway system.

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