Quarterly report [Sections 13 or 15(d)]

Debt

v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt

3. Debt

The components of debt were as follows:

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

 

(in thousands)

 

Senior Notes

 

$

445,690

 

 

$

445,263

 

M&T debt

 

 

88,718

 

 

 

57,380

 

Capital One Line of Credit

 

 

376,679

 

 

 

375,951

 

Insurance premium notes

 

 

5,319

 

 

 

2,405

 

Total debt, net

 

$

916,406

 

 

$

880,999

 

Less current portion

 

 

(39,867

)

 

 

(12,944

)

Total long-term debt, net

 

$

876,539

 

 

$

868,055

 

 

M&T Bank Credit Agreement

 

On May 13, 2025, GPM entered into an amendment (the “M&T Credit Agreement Amendment”) to that certain Third Amended and Restated Credit Agreement, dated November 21, 2023 by and among GPM, M&T Bank and the other parties thereto (the “M&T Credit Agreement”) to increase the aggregate original principal amount of the real estate loans thereunder (the “Real Estate Loans”) from $49.5 million to $83.7 million. The additional $34.2 million principal amount of the Real Estate Loans matures in May 2030 and is payable in monthly installments based on a fifteen-year amortization schedule, with the balance of the loan payable at maturity, and bears interest at SOFR plus 2.25%. The Real Estate Loans are secured by the real property of 78 sites acquired with the proceeds of such loans and certain other properties, including real property of 21 of 22 sites that the Company acquired in the second quarter of 2025 for aggregate consideration of $22.4 million.

In connection with the M&T Credit Agreement Amendment, the Real Estate Loans outstanding as of the date of such amendment began to accrue interest at SOFR plus 2.25%, the interest rate applicable to any Real Estate Loans incurred following the date of such amendment, and the borrowings under the line of credit for purchases of equipment under the M&T Credit Agreement began to accrue interest, at GPM’s discretion, at either a fixed rate based on M&T Bank’s five-year cost of funds as of the applicable date of each tranche plus 2.25% or a floating rate at SOFR plus 2.25%.