Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.22.4
Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt

The components of debt were as follows:

 

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Senior Notes

 

$

443,648

 

 

$

442,889

 

PNC term loan

 

 

 

 

 

32,385

 

M&T debt

 

 

49,023

 

 

 

43,392

 

Capital One line of credit

 

 

256,430

 

 

 

195,232

 

Insurance premium notes

 

 

2,886

 

 

 

3,111

 

Total debt, net

 

$

751,987

 

 

$

717,009

 

Less current portion

 

 

(11,944

)

 

 

(40,384

)

Total long-term debt, net

 

$

740,043

 

 

$

676,625

 

Schedule of Debt Description

Financing Agreements

Type of financing

Amount of
financing

Financing payment terms

Interest rate

Interest
rate as of
December 31,
2022

Amount
financed as
of
December 31,
2022
(in thousands)

 

Balance as
of
December 31,
2022
(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

 

$

443,648

 

GPM Investments, LLC

 

PNC Line of Credit

Up to $140 million

Maturity date of December 22, 2027.

For revolving advances that are Term SOFR Loans: SOFR Adjusted plus Term SOFR (as defined in the agreement) plus 1.25% to 1.75%

For revolving advances that are domestic rate loans: Alternate Base Rate (as defined in the agreement) plus
0% to 0.5%

Unused fee - 0.375% or 0.25% if usage is 25% or more

5.71%

None


$
134,058 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 $23.4 million due on the maturity date of June 10, 2026.

LIBOR plus 3.0%

7.31%

$

31,365

 

$

30,860

 

M&T Equipment Lines of Credit

Up to $20 million

Current balance is being paid in equal monthly installments of approximately $590 thousand (principal and interest) with the balance due on the maturity dates in August and September 2024 and September 2025.

Fixed rate

3.58% to 6.90%

$15,411

$
887 unused

 

$

15,333

 

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%

$

2,854

 

$

2,830

 

GPMP

 

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.

For SOFR Loans: Adjusted Term SOFR (as defined in the agreement) plus 2.25% to 3.25%

For alternate base rate loans: Alternate Base Rate (as defined in the agreement) plus
1.25% to 2.25%

Unused fee ranges from
0.3% to 0.50%

6.58%

$258,300

No borrowings under the Alternate Base rate

$
241,000 unused

 

$

256,430

 

Total

 

 

 

 

 

 

$

749,101

 

 

Schedule of Letter of Credit Facilities

Letters of Credit

 

Financing Facility

 

Annual Cost as of December 31, 2022

 

Amount
available for
letters
of credit

 

Letters of
credit issued
as of
December 31,
2022

PNC Line of Credit

 

1.5%

 

$40.0 million

 

$5.8 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

Total scheduled future principal payments required and amortization of deferred financing costs under all of the foregoing debt agreements were as follows as of December 31, 2022:

 

 

 

Amount

 

 

 

(in thousands)

 

2023

 

$

12,165

 

2024

 

 

267,224

 

2025

 

 

5,720

 

2026

 

 

25,128

 

2027

 

 

115

 

Thereafter

 

 

450,464

 

 

 

 

760,816

 

Deferred financing costs

 

 

(8,829

)

Total debt

 

$

751,987