Key Developments: TravelCenters of America LLC (TA)

TA on New York Consolidated

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23 Oct 2014
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Latest Key Developments (Source: Significant Developments)

TravelCenters of America acquires Iconic Johnson's Corner, Colorado Truck Stop
Friday, 26 Sep 2014 02:02pm EDT 

TravelCenters of America LLC:Announces expansion of its network with acquisition and rebranding of newest Petro, located at I-25, Exit 254 (2842 SE Frontage Rd.) in Johnston, Colorado.Says acquisition of this landmark truck stop known as Johnson's Corner raises number of travel centers in TA and Petro Stopping Centers branded chain to 251.  Full Article

TravelCenters of America LLC settles previously disclosed antitrust
Tuesday, 21 Jan 2014 04:48pm EST 

TravelCenters of America LLC:Says it has entered a memorandum of understanding to settle a long running, civil, class action, antitrust case titled Marchbanks Truck Service, Inc., et al. vs. Comdata Network, Inc., et al. pending in the U.S. District Court for the Eastern District of Pennsylvania.Says in this case, the plaintiffs alleged antitrust violations arising from Comdata's contractual relations with truck stop operators.Says Comdata, its parent company, TA and other chain operators of travel centers, Pilot Travel Centers LLC and Love's Travel Stop and Country Stores, Inc., were named as defendants.All of the defendants in this case have entered settlement memorandums which, if completed, will result in aggregate payments by all defendants totaling $130 mln, including $10 mln to be paid by TA.Says the settlement by certain other defendants is expected also to result in certain non-monetary consideration in the form of changes in Comdata's enforcement of its contracts, none of which TA believes will be detrimental to TA's business.  Full Article

TravelCenters of America LLC announces underwriters’ exercise of option to purchase additional shares
Monday, 23 Dec 2013 04:01pm EST 

TravelCenters of America LLC:Says the underwriters of its public offering have exercised in full their option to purchase an additional 975,000 common shares of TA.Says the sale of the additional common shares closed on Dec. 23.Says the sale of the original public offering of 6,500,000 common shares closed on Dec. 16.Says the joint book-running managers for the offering are Citigroup, RBC Capital Markets and UBS Investment Bank.Says the co-managers for the offering are BB&T Capital Markets, Craig-Hallum Capital Group, Janney Montgomery Scott, MLV & Co. and Oppenheimer & Co.  Full Article

TravelCenters of America LLC completes acquisition of 31 C-Stores/Gas Stations for $68 mln
Tuesday, 17 Dec 2013 08:00am EST 

TravelCenters of America LLC:Says has completed its previously announced acquisition of 31 convenience stores with retail gasoline stations (C-stores) for $67.9 mln.Says closing amount is subject to a customary post-closing adjustment based on the final working capital balance, but TA currently expects that any such adjustment will not be material.  Full Article

TravelCenters of America LLC prices public offering of 6,500,000 common shares
Tuesday, 10 Dec 2013 05:46pm EST 

TravelCenters of America LLC:Says that it priced an offering of 6,500,000 common shares at a price to the public of $9.25 per share.Says the settlement of this offering is expected to occur onDec. 16.Says it expects to use the proceeds from the offering to fund its business and growth strategies and for general business purposes.Says some of the net proceeds may be used to fund a portion of the purchase price of its pending convenience store acquisition and other expansion activities.Says the underwriters have been granted a 30 day option to purchase up to an additional 975,000 common shares.Says the joint book-running managers for the offering are Citigroup, RBC Capital Markets and UBS Investment Bank.Says the co-managers for the offering are BB&T Capital Markets, Craig-Hallum Capital Group, Janney Montgomery Scott, MLV & Co. and Oppenheimer & Co.  Full Article

TravelCenters of America LLC announces public offering of 5,000,000 common shares
Monday, 9 Dec 2013 04:05pm EST 

TravelCenters of America LLC:Says that it has commenced a public offering of 5,000,000 common shares.Expects to use the proceeds from the offering to fund its business and growth strategies and for general business purposes.Says some of the net proceeds may be used to fund a portion of the purchase price of its pending convenience store acquisition and other expansion activities.Says It is contemplated that the underwriters will also be granted a 30 day option to purchase up to an additional 750,000 common shares.Says joint book-running managers for the offering are Citigroup, RBC Capital Markets and UBS Investment Bank.Says co-managers for the offering are BB&T Securities, Craig-Hallum Capital Group, Janney Montgomery Scott and Oppenheimer & Co.  Full Article

TravelCenters of America LLC Agrees to Purchase 31 C-Stores/Gas Stations for $67 Million
Thursday, 14 Nov 2013 06:32pm EST 

TravelCenters of America LLC announced that it has agreed to acquire 31 convenience stores with retail gasoline stations ("C-stores") for $67 million, before closing costs and customary working capital adjustments. The seller is a private company which operates these C-stores under its brand name "Minit Mart". 28 of the C-stores are located in Kentucky and three are in Tennessee. 27 of the locations include the ownership of land and buildings, while four are leaseholds. The typical location includes 10 fueling positions and approximately 5,000 sq. ft. of interior space offering C-store merchandise as well as some prepared food services. During 2012, these stores dispensed an aggregate of 38 million gallons of fuel.  Full Article

TravelCenters of America LLC Prices $100 Million of 8.25% Senior Notes Due 2028
Tuesday, 8 Jan 2013 05:44pm EST 

TravelCenters of America LLC announced that it has priced an underwritten public offering of $100 million of 8.25% unsecured senior notes due January 15, 2028. The notes include a provision that allows for the Company to call the notes at par plus accrued interest beginning on January 15, 2016. TA expects to use the net proceeds from this offering for general business purposes, including acquisitions, funding capital improvements to its existing travel centers and other expansion activities. The settlement of this offering is expected to occur on January 15, 2013. TA granted the underwriters an option to purchase up to $15.0 million of additional notes within 30 days solely to cover overallotments, if any. TA intends to apply to list the notes on the NYSE MKT, under the symbol “TA/28” and, if approved, expects trading to begin within 30 days after the original issue date of the notes. The joint book-running managers for this offering are Citigroup, RBC Capital Markets and UBS Investment Bank. The lead manager is MLV & Co. The co-managers for the offering are BB&T Capital Markets, Janney Montgomery Scott and Oppenheimer & Co.  Full Article

TravelCenters of America LLC Acquires Travel Center In Florence
Monday, 31 Dec 2012 09:59am EST 

TravelCenters of America LLC announced the acquisition and rebranding of a travel center in Florence, SC, to the Petro Stopping Centers brand. Petro Florence is located at I-95, exit 169 (3001 TV Road), in South Carolina. Amenities at the new Petro include: 210 truck parking spaces on a spacious, well-lit parking lot; 12 diesel lanes; Fully stocked travel store; Petro:Lube Truck Service repair facility with four service bays; 19 showers; Full-serve restaurant; Emergency roadside service, available 24/7/365; UltraONE Rewards Program kiosk and swiping system; CAT Scale; Truck Wash; and Laundry Facility. The terms of the transaction were not disclosed.  Full Article

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