ARKO subsidiary extends credit facility maturity to Dec 2027, switches to SOFR

ARKO Corp.

Maturity extended by five years to December 22, 2027.
Replaced LIBOR with SOFR as interest rate benchmark; interest periods of 1 and 3 months.
Revised negative covenants: increased fixed dollar baskets, added availability-based basket increases.
Added cardlock receivables to borrowing base under certain circumstances.
No additional debt incurred or proceeds received in connection with the Eighth Amendment.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ARKO Corp. amended Eighth Amendment with PNC Bank, National Association valued at $140 million (effective 2022-12-20).

Action: amendment
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $140 million
Effective: 2022-12-20

Exact text from the filing

On December 20, 2022, GPM Investments, LLC, a Delaware limited liability company (“ GPM ”), a wholly owned subsidiary of ARKO Corp., a Delaware corporation (the “ Company ”), entered into an eighth amendment (the “ Eighth Amendment ”) to its revolving credit agreement, dated February 28, 2020, by and among GPM, certain of its subsidiaries as borrowers and guarantors, the lenders from time to time party thereto and PNC Bank, National Association (“ PNC ”), as lender and as agent (as amended, the “ PNC Credit Agreement ”), which provides for a secured revolving credit facility (the “ GPM PNC Line of Credit ”) in an aggregate principal amount of up to $140 million (including revolving loans and letters of credit).

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ARKO Corp. filing history →

Source: SEC EDGAR

accession 0000950170-22-026908

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