TravelCenters of America talks $25-par 15-year notes at 8%-8.125%

By Stephanie N. Rotondo

Phoenix, Sept. 30 – TravelCenters of America LLC intends to sell at least $50 million of $25-par senior notes due Oct. 15, 2030, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Price talk is 8% to 8.125%, according to a market source.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Securities LLC are the joint bookrunning managers.

Interest will be paid on the 15th day of January, April, July and October, beginning Jan. 15. The notes become redeemable Oct. 15, 2018 at par plus accrued interest.

The Westlake, Ohio-based operator of travel centers plans to list the new notes on the New York Stock Exchange under the ticker symbol “TANP.”

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

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