2023-04-03 07:07:55 ET
- CrossAmerica Partners ( NYSE: CAPL ) entered into an amended and restated 5-year revolving credit facility agreement with a syndicate of lenders led by Citizens Bank.
- The amended facility provides borrowing capacity up to $925M, an increase from the earlier revolving credit facility capacity of $750M.
- Under the amendment and restatement, proceeds from the amended facility were used to repay all outstanding balances on the $200M credit facility entered into by a subsidiary of the partnership in 2021 to finance its acquisition of assets from 7-Eleven and Speedway.
- The amended facility matures on Mar. 31, 2028, and based on certain conditions, may be increased by an additional $350M.
- Borrowings under the amended facility will bear interest, at the partnership’s option, at a rate equal to SOFR plus a margin ranging from 1.75% to 2.75% annually plus a customary credit spread adjustment or an alternative base rate plus a margin ranging from 0.75% to 1.75%.
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CrossAmerica Partners enters into amended and restated $925M credit facility