TravelCenters of America, the nationâ€™s only major truck stop chain that is publicly traded, announced a secondary offering of 10 million shares to be priced at $5.69 each.
Traded on the American Stock Exchange as TA, the Westlake, Ohio, company said the offering is scheduled for this Friday, May 27, and that the proceeds will be used for general business purposes including capital improvements to the network of facilities, acquisitions and other expansion activities.
As of May 23, TA had 28 million shares outstanding, Bloomberg reported.
The company listed six investment banks associated with the deal: Morgan Keegan Co., BBT Capital Markets, RBC Capital Markets, Wells Fargo Securities, Citigroup Inc. and UBS.
TA and the investment banks have arranged for 1.5 million shares to cover over-allotments.
TA, which reported a $16.7 million loss in the first quarter, had shareholder equity, or corporate net worth, of $235.3 million as of March 31.
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