Casey’s General Stores Enters Note Purchase Agreement and Amendments

On October 4, 2024, Casey’s General Stores, Inc. announced the execution of a note purchase agreement (NPA) involving the issuance of $250,000,000 in senior notes. These notes comprise $150,000,000 in 5.23% Senior Notes, Series I, due November 2, 2031, and $100,000,000 in 5.43% Senior Notes, Series J, due November 2, 2034. The company plans to utilize the proceeds, as stated in the NPA, for various corporate purposes, including funding the acquisition of Fikes Wholesale, Inc. and Group Petroleum Services, Inc., both Texas-based corporations.

The NPA provides Casey’s General Stores with the flexibility to prepay the Notes, subject to certain conditions. In the event of a Change of Control, holders of the Notes retain the right to demand the repurchase of their Notes by the company. The agreement also includes customary representations, warranties, and financial-related covenants, such as the Leverage Ratio and Ratings Maintenance Covenant.

Simultaneously, Casey’s General Stores entered into amendments for its existing Note Purchase Agreements to align them with the terms of the NPA. The amendments encompass pre-existing financial covenants, the Excess Leverage Fee, and other pertinent definitions and regulations.

Detailed copies of the NPA, the Second Amendment to the 2013 Note Purchase Agreement, the Second Amendment to the 2016 Note Purchase Agreement, the Second Amendment to the 2017 Note Purchase Agreement, and the First Amendment to the 2020 Note Purchase Agreement have been attached as exhibits to the filing.

Furthermore, the information provided in Item 1.01 of the report is referenced in Item 2.03 regarding the creation of a direct financial obligation. Additionally, the filing includes the necessary financial statements and exhibits as required by Item 9.01.

The Company signed off on this report on October 9, 2024, with Chief Financial Officer Stephen P. Bramlage, Jr. representing Casey’s General Stores, Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Casey’s General Stores’s 8K filing here.

About Casey’s General Stores

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.