TravelCenters of America LLC says it has wrapped up the nearly $331 million sale of its 225 standalone convenience stores including those in Oklahoma.
The state has four such stores which carry the name of Travel Centers of America , TA Express or Petro. Three are located in the Oklahoma City area and one is in Sayre along Interstate 40.
The total sales price was $330.8 million. The company said it will use the estimated net proceeds of $321.4 million to reduce if future rent and interest payment obligations.
“This strategic divestment is a significant step in support of TA’s strategy to be a more focused leader in the travel center industry,” said Andrew J. Rebholz, TA’s Chief Executive Officer. “The sale of the convenience stores business will allow us to address the company’s leverage, focus more on our core travel centers business and thoughtfully pursue our growth programs.”