CrossAmerica Partners subsidiary issues $25M preferred interests to insiders; proceeds to prepay term loan

CrossAmerica Partners LP

Issued $25M of 9% cumulative preferred membership interests in CAPL JKM Holdings LLC to affiliates of Chairman Joseph V. Topper Jr. and Vice Chairman John B. Reilly III.
Preferred interests are exchangeable at $23.74 per common unit (115% of 20-day VWAP) or cash, at holder's option, subject to conditions.
Net proceeds will prepay outstanding borrowings under the CAPL JKM Partners LLC Term Loan Credit Facility used for the 7-Eleven acquisition.
Conflicts committee of the GP board approved the transaction; preferred return accrues until October 2026, then payable in cash quarterly.

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