GPM Petroleum, a subsidiary of convenience store operator ARKO Corp., renewed and extended its revolving credit facility with a syndicate of banks led by Capital One. The credit line was increased by $300 million to $800 million and its maturity was extended to May 2028.
Simultaneously, GPM Investments, another ARKO subsidiary, together with affiliates of Oak Street, a division of Blue Owl Capital, entered into a third amendment to their program agreement. This amendment extends the term of the program agreement and provides for an aggregate of up to $1.5 billion of capacity from the date the amendment was signed through Sept. 30, 2024. This $1.5 billion is in addition to the funding for the previously announced acquisition of WTG Fuels Holdings, which is expected to close in the second quarter.
In aggregate, ARKO currently has more than $2 billion in available capital for continued merger and acquisition activity, including cash, lines of credit and the extended Oak Street program agreement.
“We believe that these financial commitments position ARKO to continue our long-term growth strategy well into the future,” Arie Kotler, chairman, president and CEO of ARKO, said. “I believe we have the balance sheet strength and liquidity to continue pursuing multiple paths of growth, making disciplined, accretive acquisitions while investing in our core convenience store business to create value for our stockholders.”
