Debt (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
The components of debt were as follows:
|
|
|
|
|
|
|
|
|
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|
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
|
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|
|
|
|
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
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|
|
|
|
|
|
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 |
|
|