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Subsequent Event (Notes)
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Event Subsequent Events
On January 29, 2021, the Company completed its acquisition of QuickChek, a chain of convenience stores located primarily in New Jersey and New York by purchasing 100% of the outstanding equity for an all-cash consideration of $645 million before adjustments for working capital and other customary items. Due to the close proximity of the completion of the acquisition to the filing of this Form 10-K, the Company is unable to provide a preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the transaction. The Company will disclose a preliminary purchase price allocation in its Form 10-Q for the period ending March 31, 2021. The financial results for QuickChek will be included in the Company's consolidated financial statements from the date of acquisition.

Also, on January 29, 2021, the Company refinanced its existing credit facility and issued new senior unsecured notes. The Company entered into a new credit agreement that provides for a secured term loan of $400 million (which was borrowed in full) and revolving credit commitments of $350 million. The term loan expires seven years from the date of issuance and the revolving credit facility matures in five years. The secured term loan accrues interest at LIBOR plus 1.75%, subject to a LIBOR floor of 0.50% and the revolving credit facility accrues interest, when drawn, at LIBOR plus a range of 1.75% to 2.25% depending on a total debt to EBITDA ratio covenant. As part of entering into the new credit agreement, the prior agreement which consisted of an ABL facility and term loan was fully repaid and retired.
The senior unsecured notes were issued in an aggregate principal of $500 million and bear interest at a rate of 3.750% per annum. The notes mature on February 15, 2031, and interest is payable every February 15 and August beginning August 15, 2021. These senior unsecured notes contain covenants that are essentially identical to the Company's other outstanding senior notes.