TravelCenters of America (NYSE:TA) has taken a big jump in share price today as they announced the sale of their convenience store business. They will take about a $100 million in impairment charges on the sale.
Of course our only interest is the baby bonds the company has outstanding (TANNI, TANNZ, TANNL) with coupon ranging from 8% to 8.25% and maturities dated in 2028 through 2030. All of these issues are up 2-4% today.
While we don’t currently have time to do an analysis of how this affects the company we may take a gander at it later and see if the baby bonds are now worth buying (we don’t currently hold any shares).
Thanks to Johnny for the heads up.