secwatch.observer — SEC 8-K summary
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Issuer:     CrossAmerica Partners LP (CAPL)
CIK:        0001538849
Form:       8-K
Filed at:   2022-03-30T23:59:59+00:00
Accession:  0000950170-22-004964
Event type: other_material
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1538849/000095017022004964/0000950170-22-004964-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1538849/000095017022004964/capl-20220329.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-004964

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