Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt

4. Debt

The components of debt were as follows:

 

 

 

September 30,
2023

 

 

December 31,
2022

 

 

 

(in thousands)

 

Senior Notes

 

$

444,230

 

 

$

443,648

 

M&T debt

 

 

46,782

 

 

 

49,023

 

Capital One line of credit

 

 

331,665

 

 

 

256,430

 

Insurance premium notes

 

 

5,436

 

 

 

2,886

 

Total debt, net

 

$

828,113

 

 

$

751,987

 

Less current portion

 

 

(15,947

)

 

 

(11,944

)

Total long-term debt, net

 

$

812,166

 

 

$

740,043

 

 

 

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

On May 5, 2023, GPM Petroleum LP (“GPMP”) renewed the credit agreement governing its revolving credit facility with a syndicate of banks led by Capital One, National Association, to increase the aggregate principal amount of availability thereunder from $500 million to $800 million (as amended, the “Capital One Line of Credit”) and extend the maturity date from July 15, 2024 to May 5, 2028. 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, and subject to certain other terms as detailed in the Capital One Line of Credit.

M&T Bank Credit Agreement

On September 28, 2023, GPM amended its credit agreement with M&T Bank (the “M&T Credit Agreement”) to increase the line of credit for purchases of equipment thereunder from $20.0 million to $45.0 million, which may be borrowed in tranches, advanced until September 28, 2026. Concurrent with entry into such amendment, GPM borrowed approximately $4.8 million under the line of credit primarily to purchase certain equipment. The M&T Credit Agreement provides that each additional equipment loan tranche will have a term of up to five years from the date it is advanced, payable in equal monthly payments of principal plus interest equal to SOFR (as defined in the M&T Credit Agreement) plus 2.75%. The equipment loans are secured by the equipment acquired with the proceeds of such loans along with real estate pledged to M&T for real estate loans.