WESTLAKE, Ohio (Dec. 10,, 2014) — TravelCenters of America L.L.C. (TA) has priced an underwritten public offering of $120 million of 8 percent unsecured senior notes due Dec. 15, 2029.
The Westlake-based truck stop chain said it intends to use the net proceeds from the offering for general business purposes, including acquisitions and construction of additional travel centers and convenience stores, funding capital improvements to its travel centers and convenience stores and other expansion activities.
The settlement of the offering is expected to occur on Dec. 16, subject to customary closing conditions, according to the company. TA said it granted underwriters an option to purchase up to an additional $18 million of additional notes within 30 days solely to cover overallotments, if any. The company intends to apply to list the notes on the New York Stock Exchange under the ticker “TANO” and, if approved, expects trading to begin within 30 days after the original issue date of the notes.
The joint book-running managers for the offering were Citigroup Global Markets Inc., Morgan Stanley, RBC Capital Markets L.L.C. and UBS Securities L.L.C. The lead manager for the offering was MLV & Co. L.L.C. and co-managers were BB&T Capital Markets, a division of BB&T Securities L.L.C., Janney Montgomery Scott L.L.C. and Oppenheimer & Co. Inc.
TA operates a chain of travel centers in 43 U.S. states and in Canada under the TravelCenters of America, TA, Petro Stopping Centers and Petro brand names. They offer diesel and gasoline fueling, restaurants, truck repair facilities, stores and other services.
