CrossAmerica Partners modifies rate, leverage ratio on 2019 loan

Chicago, Aug. 2 – CrossAmerica Partners LP modified its loan from April 1, 2019 with Citizens Bank, NA as administrative agent on July 28, according to an 8-K filing with the Securities and Exchange Commission.

The loan had been modified once before, on Nov. 19, 2019.

The loan also lists Lehigh Gas Wholesale Services, Inc. as borrower.

The interest rate has been modified to a range of Libor plus 150 basis points to 300 bps.

According to the Prospect News archive, the original interest rate was Libor plus 150 bps to 250 bps.

The margin is based on the partnership’s consolidated leverage ratio, with the provisions for the leverage ratio also modified in the current amendment.

The maximum level has been increased to 6x from Sept. 30 to Dec. 31, and then decreases to 5.75x for the quarter ending March 31, 2022, 5.5x until June 30, 2022, 5.25x to Sept. 30, 2022 and then reverts to 4.75x unless in a specified acquisition period or a qualified note offering has occurred.

CrossAmerica is a wholesale distributor of motor fuels and an owner and lessor of real estate used in the retail distribution of motor fuels.

© 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.