XML 25 R14.htm IDEA: XBRL DOCUMENT v3.22.2
Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt

Note 8. DEBT

Our balances for long-term debt and finance lease obligations were as follows (in thousands):

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

CAPL Credit Facility

 

$

626,555

 

 

$

630,575

 

JKM Credit Facility

 

 

158,980

 

 

 

182,460

 

Finance lease obligations

 

 

15,471

 

 

 

16,809

 

Total debt and finance lease obligations

 

 

801,006

 

 

 

829,844

 

Current portion

 

 

5,575

 

 

 

10,939

 

Noncurrent portion

 

 

795,431

 

 

 

818,905

 

Deferred financing costs, net

 

 

7,232

 

 

 

8,270

 

Noncurrent portion, net of deferred financing costs

 

$

788,199

 

 

$

810,635

 

 

See Note 13 for information regarding the issuance of preferred membership interests during the first quarter, the proceeds of which were used to pay off borrowings under the Term Loan Facility. As of June 30, 2022, future principal payments on debt and future minimum rental payments on finance lease obligations were as follows (in thousands):

 

 

Debt

 

 

Finance Lease Obligations

 

 

Total

 

Remaining in 2022

 

$

—

 

 

$

1,631

 

 

$

1,631

 

2023

 

 

8,261

 

 

 

3,328

 

 

 

11,589

 

2024

 

 

637,570

 

 

 

3,427

 

 

 

640,997

 

2025

 

 

11,015

 

 

 

3,527

 

 

 

14,542

 

2026

 

 

128,689

 

 

 

3,629

 

 

 

132,318

 

2027

 

 

—

 

 

 

1,221

 

 

 

1,221

 

Total future payments

 

 

785,535

 

 

 

16,763

 

 

 

802,298

 

Less interest component

 

 

—

 

 

 

1,292

 

 

 

1,292

 

 

 

 

785,535

 

 

 

15,471

 

 

 

801,006

 

Current portion

 

 

2,754

 

 

 

2,821

 

 

 

5,575

 

Long-term portion

 

$

782,781

 

 

$

12,650

 

 

$

795,431

 

CAPL Credit Facility

Our CAPL Credit Facility is secured by substantially all of our assets, including our equity interest in Holdings, other than the assets of unrestricted subsidiaries designated as such under the CAPL Credit Facility. Holdings and its subsidiaries are unrestricted subsidiaries under the CAPL Credit Facility.

Taking the interest rate swap contracts described in Note 9 into account, our effective interest rate on our CAPL Credit Facility at June 30, 2022 was 3.2% (our applicable margin was 2.25% as of June 30, 2022).

Letters of credit outstanding at June 30, 2022 and December 31, 2021 totaled $4.0 million.

As of June 30, 2022, we were in compliance with our financial covenants under the CAPL Credit Facility. The amount of availability under the CAPL Credit Facility at June 30, 2022, after taking into consideration debt covenant restrictions, was $119.4 million.

JKM Credit Facility

The obligations under the JKM Credit Facility are guaranteed by Holdings and its subsidiaries (other than CAPL JKM Partners) and secured by a lien on substantially all of the assets of Holdings and its subsidiaries (including CAPL JKM Partners). The obligations under the JKM Credit Facility are nonrecourse to CrossAmerica and its subsidiaries other than Holdings, CAPL JKM Partners and their respective subsidiaries.

The JKM Credit Facility contains customary events of default and covenants, including, among other things, and subject to certain exceptions, covenants that restrict the ability of Holdings and its subsidiaries to create or incur liens on assets, make investments, incur additional indebtedness, merge or consolidate and dispose of assets.

Our borrowings under the JKM Credit Facility had a weighted-average interest rate of 3.6% as of June 30, 2022 (LIBOR plus an applicable margin, which was 2.5% as of June 30, 2022).

Letters of credit outstanding at June 30, 2022 and December 31, 2021 totaled $0.8 million.

As of June 30, 2022, we were in compliance with our financial covenants under the JKM Credit Facility. The amount of availability under the JKM Credit Facility at June 30, 2022, after taking into consideration debt covenant restrictions, was $10.0 million.