FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


JPMorgan Chase, Others Arrange Refinance for Yesway

April 07, 2021, 05:37 AM
Filed Under: Retail

Yesway, one of the largest and fastest growing convenience store chains in the United States, successfully completed the refinancing of its term loan and revolving credit facilities in the amount of $410 million and $125 million, respectively.  The new capital will be used to pay down its existing debt facilities and for general corporate purposes, including to finance its raze and rebuild strategy with respect to some of its existing stores. JPMorgan Chase Bank acted as the lead arranger and lead bookrunner for the facilities along with Morgan Stanley Senior Funding, Barclays Bank PLC, BMO Capital Markets and Goldman Sachs Bank USA.

Prior to the allocation of the new facility, Yesway received upgrades to its corporate and credit facility ratings from both Moody's in connection with the transaction and S&P in December 2020 to B2/B+ and B1/B+, respectively, reflecting, among other things, the company's solid operating performance in a challenging 2020.

"The strategic refinancing of Yesway was another proactive step we have taken to better position the company for continued growth and profitability," stated Tom Trkla, Yesway's Chairman and Chief Executive Officer.   "We are extremely pleased with the strong interest and resulting favorable terms for these new debt facilities, which will significantly reduce our cost of capital and provide a tremendous amount of financial flexibility for the company going forward."

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.