Debt (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
The components of debt were as follows:
|
|
|
|
|
|
|
|
|
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|
As of December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Senior Notes |
|
$ |
442,889 |
|
|
$ |
— |
|
PNC term loan |
|
|
32,385 |
|
|
|
32,354 |
|
M&T debt |
|
|
43,392 |
|
|
|
27,898 |
|
Ares term loan |
|
|
— |
|
|
|
215,433 |
|
Capital One line of credit |
|
|
195,232 |
|
|
|
394,035 |
|
Bonds (Series C) |
|
|
— |
|
|
|
76,582 |
|
Insurance premium notes |
|
|
3,111 |
|
|
|
3,488 |
|
Total debt, net |
|
$ |
717,009 |
|
|
$ |
749,790 |
|
Less current portion |
|
|
(40,384 |
) |
|
|
(40,988 |
) |
Total long-term debt, net |
|
$ |
676,625 |
|
|
$ |
708,802 |
|
|
| Schedule of Debt Description |
Financing Agreements
|
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|
|
|
|
|
|
|
|
|
Type of financing |
Amount of
financing |
Financing payment terms |
Interest rate |
Interest
rate as of
December 31,
2021 |
Amount
financed as
of
December 31,
2021
(in thousands) |
|
Balance as
of
December 31,
2021
(net of
deferred
financing
costs)
(in thousands) |
|
ARKO Corp. |
|
Senior Notes |
$450 million |
The full amount of principal is due on maturity date of November 15, 2029. |
Fixed rate |
5.125% |
$ |
450,000 |
|
$ |
442,889 |
|
GPM Investments, LLC |
|
PNC Line of Credit |
Up to $140 million |
Maturity date of December 22, 2022. |
LIBOR plus 1.25% to 1.75%
Alternate Base Rate plus 0% to 0.5%
Unused fee - 0.375% |
1.36% |
None
$130,522 unused based on borrowing base |
|
None |
|
M&T Term Loan |
$35 million |
The principal is paid in equal monthly installments of approximately $194 thousand based on a 15-year amortization schedule with the remaining balance of $23.7 million due on the maturity date of June 10, 2026. |
LIBOR plus 3.0% |
3.13% |
$ |
34,028 |
|
$ |
33,355 |
|
M&T Equipment Lines of Credit |
Up to $20 million |
Current balance is being paid in equal monthly installments of approximately $228 thousand (principal and interest) with the balance due on the maturity dates in August and September 2024. |
Fixed rate |
3.58% to 3.71% |
$7,065
$12,337 unused |
|
$ |
6,907 |
|
Other M&T Term Loans |
$3.5 million |
The principal is being paid in equal monthly installments including interest of approximately $36 thousand with the remaining balance due on the maturity dates ranging from December 2023 through August 2031. |
Fixed rate |
3.91% to 5.26% |
$ |
3,162 |
|
$ |
3,130 |
|
GPMP |
|
GPMP PNC Term Loan (1) |
$32.4 million |
The principal of the loan will be repaid in full in one payment on the maturity date of December 22, 2022, and the interest is paid on a monthly basis. GPMP will repay the GPMP PNC Term Loan when the obligations owed under the PNC Credit Agreement are repaid in full. |
LIBOR plus 0.50%
Base rate |
0.60%
5.25% |
$32,400 with fixed LIBOR rate for 30 days
$16 under base rate |
|
$ |
32,385 |
|
GPMP Capital One Line of Credit |
Up to $500 million |
The full amount of the principal is due on the maturity date of July 15, 2024. |
LIBOR plus 2.25% to 3.25%
Base rate plus 1.25% to 2.25%
Unused fee ranges from 0.3% to 0.50% |
3.36%
5.50% |
$198,300
No borrowings under the Base rate
$301,000 unused |
|
$ |
195,232 |
|
Total |
|
|
|
|
|
|
$ |
713,898 |
|
(1)
Until this loan is fully repaid, approximately 98% of the outstanding principal amount of this loan is secured by investments.
|
| Schedule of Line of Credit Facilities |
Letters of Credit
|
|
|
|
|
|
|
Financing Facility |
|
Annual Cost as of December 31, 2021 |
|
Amount
available for
letters
of credit |
|
Letters of
credit issued
as of
December 31,
2021 (1) |
PNC Line of Credit |
|
1.5% |
|
$40.0 million |
|
$8.0 million |
Capital One Credit Facility |
|
1.5% |
|
$40.0 million |
|
$0.7 million |
The letters of credit were issued in connection with certain workers’ compensation and general insurance liabilities and fuel purchases from one supplier. The letters of credit will be drawn upon only if GPM does not comply with the time schedules for the payment of associated liabilities.
|
| Schedule of Future Principal Payments and Amortization of Deferred Financing Costs and Debt Discount |
Total scheduled future principal payments required and amortization of deferred financing costs and debt discount under these debt agreements were as follows as of December 31, 2021:
|
|
|
|
|
|
|
Amount |
|
|
|
(in thousands) |
|
2022 |
|
$ |
40,679 |
|
2023 |
|
|
5,571 |
|
2024 |
|
|
203,247 |
|
2025 |
|
|
2,549 |
|
2026 |
|
|
25,457 |
|
Thereafter |
|
|
450,579 |
|
|
|
|
728,082 |
|
Deferred financing costs and debt discount |
|
|
(11,073 |
) |
Total debt |
|
$ |
717,009 |
|
|