CrossAmerica Partners LP 8-K

What Happened

• On July 15, 2026, CrossAmerica Partners LP and its subsidiary Lehigh Gas Wholesale Services, Inc. entered into a second amendment to their Amended and Restated Credit Agreement (originally dated April 1, 2019; amended March 31, 2023; further amended February 20, 2024) with Citizens Bank, N.A. as administrative agent.
• The Amendment extends the facility maturity date from March 31, 2028 to July 15, 2031, removes the SOFR credit spread adjustment, and revises the applicable financial covenant for the Partnership’s Consolidated Leverage Ratio.

Key Details

• New maturity date: July 15, 2031 (previously March 31, 2028).
• Leverage covenant: Consolidated Leverage Ratio not greater than 5.00:1.00 for quarters ending June 30, 2026 through September 30, 2027; not greater than 4.75:1.00 for quarters ending December 31, 2027 and thereafter.
• Other terms of the Credit Agreement remain in full force; the full amendment is filed as Exhibit 10.1 to the 8-K.

Why It Matters

• Extending the loan maturity reduces near‑term refinancing pressure by pushing the debt maturity out roughly three years, which can improve near‑term liquidity planning.
• The amended leverage covenant sets specific short‑term and longer‑term leverage limits investors should monitor for covenant compliance; changes to the interest spread mechanics (removal of the SOFR credit spread adjustment) may affect how borrowing costs are calculated under the facility.
• Investors should review the filed Amendment (Exhibit 10.1) and monitor CrossAmerica’s upcoming quarterly results and leverage metrics to assess potential impacts on credit profile and distributions.