---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-22-004964"
form_type: "8-K"
ticker: "CAPL"
cik: "0001538849"
company_name: "CrossAmerica Partners LP"
filed_at: "2022-03-30T23:59:59+00:00"
generated_at: "2026-06-26T13:27:05.943147+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-22-004964
- form_type: 8-K
- ticker: CAPL
- cik: 0001538849
- company_name: CrossAmerica Partners LP
- filed_at: 2022-03-30T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1538849/000095017022004964/0000950170-22-004964-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1538849/000095017022004964/capl-20220329.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-22-004964
- JSON: https://secwatch.observer/filing/0000950170-22-004964.json
- Plain text: https://secwatch.observer/filing/0000950170-22-004964.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.