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ARKO Corp. Announces the Extension of Oak Street Commitment for up to $1.5 Billion and Announces a Credit Line Increase to $800 Million and Extension of Maturity
Commitments Show Strength and Momentum of ARKO’s Successful M&A Growth Strategy RICHMOND, Va., May 08, 2023 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO)
About this update from Arko Corp.
[{"type":"text","content":"Commitments Show Strength and Momentum of ARKO’s Successful M&A Growth Strategy\nRICHMOND, Va., May 08, 2023 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, announced today two separate agreements that enhance the Company’s dealmaking flexibility and long-term growth strategy. On May 2, 2023, ARKO subsidiary, GPM Investments, LLC, together with affiliates of Oak Street, a division of Blue Owl Capital (“Oak Street”), entered into a third amendment to the program agreement with Oak Street (the “Program Agreement”). This amendment extends the term of the Program Agreement and provides for an aggregate up to $1.5 billion of capacity from the date the amendment was signed through September 30, 2024. This $1.5 billion is in addition to the funding for the previously announced acquisition of WTG Fuels Holdings LLC, which is expected to close in the second quarter. Additionally, ARKO subsidiary, GPM Petroleum LP, renewed and extended its revolving credit facility with a syndicate of banks led by Capital One, National Association. The credit line was increased by $300 million, to $800 million, and its maturity was extended to May 2028. In aggregate, ARKO currently has more than $2 billion in available capital for continued merger and acquisition activity, including cash, lines of credit, and the extended Oak Street program agreement. “We believe that these financial commitments position ARKO to continue our long-term growth strategy well into the future,” said Arie Kotler, Chairman, President, and Chief Executive Officer of ARKO. “I believe we have the balance sheet strength and liquidity to continue pursuing multiple paths of growth, making disciplined, accretive acquisitions while investing in our core convenience store business to create value for our stockholders.” About ARKO Corp. ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable family of community brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. Our high value fas REWARDS® loyalty program...