TravelCenters of America LLC Improves Pricing and Extends Maturity on Existing $200 Million Credit Facility to July 2024

WESTLAKE, Ohio–(BUSINESS WIRE)–TravelCenters of America LLC (Nasdaq: TA) today announced that it has amended the loan and security agreement governing its $200 million unsecured revolving credit facility.

Prior to the amendment, TA’s credit facility had a maturity date of December 19, 2019 and required interest on drawings at either a rate of LIBOR or a base rate, plus a premium. Under the amended revolving credit facility, the premiums charged for each of the three pricing tiers were decreased by 25 basis points and the maturity was extended to July 19, 2024. Other improvements include reduced fees related to the letter of credit price tiers. The unused line fee remains unchanged. Both the premiums over either LIBOR or a base rate and the unused line fee continue to be subject to adjustments based on facility availability, utilization, and other matters.

Wells Fargo Capital Finance, LLC is the Administrative Agent and Sole Lead Arranger, Manager and Bookrunner for the amended credit facility. Banks participating in the amended credit facility are as follows:

Name of Institution

Facility Title

Wells Fargo Capital Finance, LLC

Administrative Agent and Sole Lead Arranger, Manager and Bookrunner

PNC Bank, National Association

Syndication Agent

Siemens Financial Services, Inc.

Lender

The Huntington Bank National Bank

Lender

Bank of America, N.A.

Lender

Citibank, N.A.

Lender

US Bank National Association

Lender

About TravelCenters of America LLC:

TA’s nationwide business includes travel centers located in 43 U.S. states and in Canada and standalone restaurants in 13 states. TA’s travel centers operate under the “TravelCenters of America,” “TA,” “TA Express,” “Petro Stopping Centers” and “Petro” brand names and offer diesel and gasoline fueling, restaurants, truck repair services, travel/convenience stores and other services designed to provide attractive and efficient travel experiences to professional drivers and other motorists. TA’s standalone restaurants operate principally under the “Quaker Steak & Lube” brand name.

WARNING CONCERNING FORWARD LOOKING STATEMENTS

This press release contains statements that constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever TA uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may”, and negatives or derivatives of these or similar expressions, TA is making forward looking statements. These forward looking statements are based upon TA’s present intent, beliefs or expectations, but forward looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by TA’s forward looking statements as a result of various factors. For example:

  • Continued availability of borrowings under TA’s revolving credit facility is subject to limits based on TA’s maintaining certain levels of qualifying collateral. Accordingly, the maximum amount available under the credit facility to borrow or for letters of credit may be less than $200 million.
  • The premiums used to determine the interest rate payable on TA’s revolving credit facility and the facility fee payable on TA’s revolving credit facility are based on TA’s maintaining certain levels of qualifying collateral. Future changes in TA’s qualifying collateral may cause the interest and fees it pays to increase.

The information contained in TA’s filings with the Securities and Exchange Commission, or SEC, including under the caption “Risk Factors” in TA’s periodic reports, or incorporated therein, identifies other important factors that could cause TA’s actual results to differ materially from those stated in or implied by TA’s forward looking statements. TA’s filings with the SEC are available on the SEC’s website at www.SEC.GOV.

You should not place undue reliance upon TA’s forward looking statements.

Except as required by law, TA does not intend to update or change any forward looking statements as a result of new information, future events or otherwise.

Contacts

Katie Strohacker, Senior Director, Investor Relations

(617) 796-8251

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