Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.24.1.u1
Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt

5. Debt

The components of debt were as follows:

 

 

 

March 31,
2024

 

 

December 31,
2023

 

 

 

(in thousands)

 

Senior Notes

 

$

444,634

 

 

$

444,432

 

M&T debt

 

 

67,164

 

 

 

65,228

 

Capital One Line of Credit

 

 

368,889

 

 

 

332,027

 

Insurance premium notes

 

 

4,271

 

 

 

3,752

 

Total debt, net

 

$

884,958

 

 

$

845,439

 

Less current portion

 

 

(17,297

)

 

 

(16,792

)

Total long-term debt, net

 

$

867,661

 

 

$

828,647

 

 

Financing agreement with a syndicate of banks led by Capital One, National Association

GPMP has a revolving credit facility with a syndicate of banks led by Capital One, National Association with an aggregate principal amount of availability of $800 million (the “Capital One Line of Credit”). At GPMP's request, availability under the Capital One Line of Credit can be increased up to $1.0 billion, subject to obtaining additional financing commitments from current lenders or from other banks, subject to certain other terms as detailed in the Capital One Line of Credit. On March 26, 2024, GPMP, Capital One and the guarantors and lenders party thereto entered into an amendment to the Capital One Line of Credit, which facilitated the borrowing and use of up to $36.5 million of the Capital One Line of Credit for the settlement of the Installment Payments as provided for in the TEG Purchase Agreement Amendment as defined in Note 4. The other material terms of the Capital One Line of Credit remain unchanged.

M&T Bank Credit Agreement

On January 31, 2024, GPM entered into an additional term loan under the credit agreement with M&T Bank for the purchase of real estate for $5.1 million, resulting in an aggregate original principal amount of real estate loans of $49.5 million as of March 31, 2024 (the “M&T Term Loans”). The Company has granted a mortgage in the real estate of 50 sites and certain fixtures at these and other sites as collateral to support the M&T Term Loans.