UPDATED -- The operator of TA and Petro truckstops, TravelCenters of America, has begun a public offering of 6.5 million shares of its common stock at $9.25 per share, as it seem likely that it wants to expand beyond its recent diversification.
Earlier this week the company announced the number of shares was five million and did not disclose the price.
It expects to use the proceeds from the offering to fund its business and growth strategies and for general business purposes, according to a release. Some of the net proceeds may be used to fund a portion of the purchase price of its pending convenience store acquisition last month for $67 million and other future expansion activities.
Underwriters will also be granted a 30-day option to purchase up to an additional 750,000 common shares.
Profit for the Ohio-based company is thinner through the first nine-months of this year compared to the same time in 2012. It reported net income of $19.6 million dollars during the period compared to $34.7 million.
TravelCenters has nearly 250 truckstop locations in 42 states and Canada.
Update reports increase in number of shares and price.