TravelCenters launches $50 million of $25-par senior notes due 2029

By Stephanie N. Rotondo

Phoenix, Dec. 8 – TravelCenters of America LLC launched a $50 million offering of $25-par senior notes in an amended Form S-1 on Monday.

The company initially registered $57.5 million of the notes on Nov. 24.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Securities LLC are the joint bookrunners. MLV & Co. LLC is the lead manager.

BB&T Capital Markets, Janney Montgomery Scott LLC and Oppenheimer & Co. are co-managers.

Price talk on the issue is 8% to 8.125%, according to a trader.

The notes come due Dec. 15, 2029.

Interest will be payable the last day of February, May, August and November. The company will have the option to redeem the notes at par plus accrued interest.

The notes will be listed on the New York Stock Exchange.

Proceeds will be used for general business purposes, including acquisitions and construction of additional travel centers and convenience stores, capital improvements to existing travel centers and stores and for other expansion activities.

TravelCenters is a Westlake, Ohio-based leading operator and franchisor of travel centers primarily along the U.S. interstate highway system.

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