TravelCenters of America (TA) Prices 6.1M Share Common Offering at $14/Sh

TravelCenters of America Inc. (NASDAQ: TA) today announced the pricing of a public offering of 6,100,000 shares of its common stock at a public offering price of $14.00 per share. All of the shares in the offering are to be sold by TA. Gross proceeds from the offering are expected to be $85.4 million, before deducting underwriting discounts and commissions and other offering expenses payable by TA. TA intends to use the net proceeds from the offering to fund deferred maintenance and other capital expenditures necessary to enhance property conditions and implement growth initiatives, for working capital, and for general corporate purposes. In addition, TA has granted the underwriters a 30-day option to purchase up to an additional 915,000 shares of its common stock, at the public offering price less underwriting discounts and commissions. The offering is expected to close on July 6, 2020, subject to the satisfaction of customary closing conditions.

The joint book-running managers for the offering are Citigroup, BMO Capital Markets, B. Riley FBR and BTIG.

A registration statement on Form S-3, as amended by post-effective amendment no.1 thereto, relating to the securities being sold in the offering was declared effective by the Securities and Exchange Commission (the “SEC”) on June 30, 2020.

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