Yesway, a convenience store chain in the United States, completed the refinancing of its term loan and revolving credit facilities in the amount of $410 million and $125 million, respectively. Yesway will use the new capital to pay down its existing debt facilities and for general corporate purposes, including to finance the company’s 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, BMO Capital Markets and Goldman Sachs Bank.
“JPMorgan did a terrific job executing our refinancing,” Tom Trkla, chairman and CEO of Yesway, said. “We are thrilled with the composition of the lender group that has elected to purchase the new debt and the confidence that they have placed in Yesway.”
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.
“The strategic refinancing of Yesway was another proactive step we have taken to better position the company for continued growth and profitability,” Trkla said. “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.”
