Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.21.1
Debt
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Debt

3. Debt

The components of debt were as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(in thousands)

 

Bonds (Series C)

 

$

—

 

 

$

76,582

 

PNC term loans

 

 

32,362

 

 

 

32,354

 

M&T debt

 

 

28,420

 

 

 

27,898

 

Ares term loan

 

 

215,208

 

 

 

215,433

 

Insurance premium notes

 

 

3,935

 

 

 

3,488

 

Capital One line of credit

 

 

394,334

 

 

 

394,035

 

Total debt, net

 

$

674,259

 

 

$

749,790

 

Less current portion

 

 

(29,495

)

 

 

(40,988

)

Total long-term debt, net

 

$

644,764

 

 

$

708,802

 

Bonds (Series C)

On March 30, 2021, Arko Holdings fully redeemed its Bonds (Series C) in accordance with the optional redemption provisions of the deed of trust governing the Bonds (Series C). Arko Holdings redeemed the Bonds (Series C) at a redemption price equal to approximately NIS 1.084 for every NIS 1 par value (approximately $0.325 as of March 30, 2021 per NIS 1 par value) of Bonds (Series C) outstanding (including additional interest for the early redemption and accrued and unpaid interest thereon to the redemption date for the Bonds (Series C)). The total amount paid to holders of the Bonds (Series C) was approximately NIS 264 million (approximately $79 million).

Ares Credit Agreement

On March 30, 2021, GPM entered into an amendment to its credit agreement (the “Ares Credit Agreement”) with Ares Capital Corporation (“Ares”) which amended the credit agreement to adjust the interest rate effective from and after March 1, 2021, by (A) reducing the applicable margin for the term loan facility by 0.125% and (B) reducing the LIBOR Rate (as defined in the credit agreement) to be not less than 1.0%, such that following these changes, effective March 1, 2021, the term loan facility bears interest, as elected by GPM, at (a) a rate per annum equal to the Ares alternative base rate (“ABR”) plus a margin of 3.50%, or (b) the LIBOR Rate as defined in the credit agreement (not less than 1.0%) plus a margin of 4.50%.