TravelCenters of America Closes New $200 Million Term Loan

TravelCenters of America Inc. (Nasdaq: TA) (“TA”) today announced the closing of a new $200 million senior secured term loan facility (“Term Loan”). Terms of the new loan include interest payable at LIBOR, with a floor of 100 basis points, plus 600 basis points and a seven-year maturity. The loan will amortize in equal quarterly installments in aggregate annual amounts equal to 1.00% of the original principal amount, with the balance payable on the final maturity date. The loan is prepayable after two years at par and is secured by a pledge of all the equity interests of substantially all of TA’s wholly owned subsidiaries and a pledge of substantially all of TA’s other assets and the assets of such wholly-owned subsidiaries. TA expects to use the net proceeds from the Term Loan for general business purposes, including funding of deferred capital expenditures, updates to key IT infrastructure, and growth initiatives consistent with its Transformation Plan.

“As we look ahead to 2021, we have the people, the plan, the processes and now the liquidity to advance our transformation playbook to help this great company begin to achieve its potential. This term loan provides for these opportunities, which we will carry out with caution and care while we continue to manage through an uncertain pace of recovery from the pandemic that lies ahead,” said Jonathan M. Pertchik, TA’s Chief Executive Officer. "By closing this new loan, we have further strengthened our balance sheet and given ourselves increased flexibility in a dynamic capital environment. TA is well-positioned to address remedial site-level maintenance and much-needed IT upgrades, as well as fund our growth initiatives."

Citigroup Global Markets Inc., BofA Securities, Inc., PNC Capital Markets, LLC, U.S. Bank National Association and Wells Fargo Securities, LLC served as Joint Lead Arrangers for the Term Loan.

About TravelCenters of America Inc.

TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its nearly 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, convenience stores, full-service and quick-service restaurants, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates nearly 650 full-service and quick-service restaurants and 10 proprietary brands, including Quaker Steak and Lube®, Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

Contacts

Kristin Brown
TravelCenters of America
617-796-8251
kbrown@ta-petro.com