Casey's enters new $1.1B credit facility, refinances existing debt

CASEYS GENERAL STORES INC

New $250M unsecured term loan and $850M unsecured revolving credit facility, maturing April 21, 2028.
Proceeds used to refinance all outstanding indebtedness under the prior credit agreement and pay fees.
Interest rates based on SOFR plus margin of 1.10%-1.70% (term loans) or base rate plus 0.10%-0.70%.
Financial covenant requires Consolidated Leverage Ratio not to exceed 4.00:1.00 (temporarily 4.50:1.00 for material acquisitions).
Expansion option permits increases up to $900M or 100% of Consolidated EBITDA, subject to lender consent.

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

CASEYS GENERAL STORES INC entered into Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders and issuing banks from time to time party thereto valued at $250 million unsecured term loans and $850 million unsecured revolving line of credit (effective 2023-04-21).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent, and the lenders and issuing banks from time to time party thereto
Value: $250 million unsecured term loans and $850 million unsecured revolving line of credit
Effective: 2023-04-21

Exact text from the filing

On April 21, 2023, Casey’s General Stores, Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), and the lenders and issuing banks from time to time party thereto.

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

CASEYS GENERAL STORES INC terminated Existing Credit Agreement with Royal Bank of Canada, as administrative agent, and the lenders party thereto (effective 2023-04-21).

Action: termination
Agreement: credit facility
Counterparty: Royal Bank of Canada, as administrative agent, and the lenders party thereto
Effective: 2023-04-21

Exact text from the filing

On the same date, the Company also terminated and repaid in full all outstanding indebtedness under its existing credit agreement, dated as of January 11, 2019, by and among the Company, the lenders party thereto and Royal Bank of Canada, as administrative agent (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of June 30, 2020, that certain Amendment No. 2 to Credit Agreement, dated as of December 23, 2020, that certain Amendment No. 3 to Credit Agreement, dated as of March 12, 2021 and that certain Amendment No. 4 to Credit Agreement, dated as of December 13, 2021, the “Existing Credit Agreement”).

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CASEYS GENERAL STORES INC filing history →

Source: SEC EDGAR

accession 0001140361-23-020574

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