TravelCenters of America Sells Senior Notes
By: Tim McPartland,
Travel center operator TravelCenters of America LLC has sold a 8% Senior Note offering. This issue has a maturity date of 2029–relatively short. Currently TravelCenters has a 8.25% issue of senior notes outstanding which are trading above par at $25.89 which leads us to believe that this issue will trade around par and remain close to par under the current economic conditions.
We may initiate a small position to use some of our cash hoard, although we wish the maturity was a couple years shorter.
Details of the issue are here.
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Tim McPartland
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Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
