TANNZ - A Safe And Recession-Resistant 8.4% Baby Bond Yield From TravelCenters Of America
The last couple of months have been an exciting time for TravelCenters of America LLC (TA). The 12/5/2018 sale of its standalone convenience centers raised $331 million. The proceeds from that sale of non-core assets have enabled TA to better focus on its travel center business. The sales proceeds are being put to work with the 1/17/2019 purchase of 20 of its leased travel center properties from Hospitality Properties Trust (HPT). These deals have substantially reduced the risk for the TravelCenters of America 8% Senior Notes (TANNZ) baby bonds.