Press Release: TravelCenters of America, Inc.
November 13, 2000
WESTLAKE, OH -- TravelCenters of America, Inc. (the ``Company'') announced that it has determined the price and
set a new expiration date for its previously announced tender offer and consent solicitation for its outstanding
10-1/4% Senior Subordinated Notes due 2007 (the ``Notes'').
The total consideration for the Notes validly tendered and accepted for payment will be $1,089.92 per $1,000 principal
amount of the Notes plus any accrued interest up to, but not including, the payment date. The total consideration
includes a consent payment of $30.00 per $1,000 principal amount of Notes. The total consideration was derived
using a 6.15% yield of the 6-5/8% U.S. Treasury Note due March 31, 2002 on which pricing was based, plus a fixed
spread of 75 basis points.
The tender offer and consent solicitation will expire at 5:00 p.m., New York City time, on Monday, November 13,
2000, unless extended. The payment date for Notes validly tendered and accepted for payment is expected to be Tuesday,
November 14, 2000, unless extended.
All other terms and conditions to the tender offer and consent solicitation are set forth in the Company's Offer
to Purchase and Consent Solicitation Statement dated October 6, 2000.
The Company may amend, extend or terminate the tender offer and consent solicitation at any time.
Credit Suisse First Boston Corporation, Chase Securities Inc. and Donaldson, Lufkin & Jenrette Securities Corporation
are the Dealer Managers and Solicitation Agents for the tender offer and the consent solicitation. The Depository
is State Street Bank and Trust Company. Questions or requests for assistance may be directed to Credit Suisse First
Boston Corporation (telephone: 800-820-1653), to Chase Securities Inc. (telephone: 212-270-1100 (collect)) or to
Donaldson, Lufkin & Jenrette Securities Corporation (telephone 212-538-8474 (collect)). Requests for documentation
may be directed to MacKenzie Partners, Inc., the Information Agent (telephone: 800-322-2885).
The Company is the largest, and only nationwide, full-service travel center network in the United States serving
long-haul trucking fleets and their drivers, independent truck drivers and general motorists. The Company supplies
diesel fuel to 49 of the 50 largest long-haul trucking fleets in the nation. The Company's facilities typically
include diesel fuel and gasoline, truck repair and maintenance services, full-service and fast food dining, travel
and convenience stores and other driver amenities. The Company is headquartered in Westlake, Ohio, a suburb of
Cleveland, and had total revenues in 1999 of $1.5 billion.
This press release contains statements which are forward-looking statements within the meaning of applicable federal
securities laws and are based upon the Company's current expectations and assumptions which are subject to a number
of risks and uncertainties which could cause actual results to materially differ from those anticipated. The news
release is neither an offer to purchase nor a solicitation of an offer to sell securities. The offer and consent
solicitation is made only by the Offer to Purchase and Consent Solicitation dated October 6, 2000.
SOURCE: TravelCenters of America, Inc.