TravelCenters of America Sells Senior Notes
By: Tim McPartland,
Travel center operator TravelCenters of America LLC has sold a 8% Senior Note offering. This issue has a maturity date of 2029–relatively short. Currently TravelCenters has a 8.25% issue of senior notes outstanding which are trading above par at $25.89 which leads us to believe that this issue will trade around par and remain close to par under the current economic conditions.
We may initiate a small position to use some of our cash hoard, although we wish the maturity was a couple years shorter.
Details of the issue are here.