By Stephanie N. Rotondo
Phoenix, Dec. 9 – TravelCenters of America LLC priced $120 million of 8% $25-par senior notes due 2029 on Tuesday a par, according to an FWP filed with the Securities and Exchange Commission.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and UBS Securities LLC are the joint bookrunners. MLV & Co. LLC is the lead manager.
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 on or after Dec. 15, 2017.
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.
| Issuer: | TravelCenters of America LLC
|
| Securities: | Senior notes
|
| Amount: | $120 million
|
| Greenshoe: | $18 million
|
| Maturity: | Dec. 15, 2029
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC
|
| Lead manager: | MLV & Co. LLC
|
| Co-managers: | BB&T Capital Markets, Janney Montgomery Scott LLC, Oppenheimer & Co.
|
| Coupon: | 8%
|
| Price: | Par of $25
|
| Yield: | 8%
|
| Talk: | 8% to 8.125%
|
| Call options: | On or after Dec. 15, 2017 at par plus accrued interest
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 16
|
| Expected listing: | NYSE: TANO
|
| Cusip: | 894174309
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
