C-store operator closes OneStop purchase, dropdown transaction

San Antonio, Texas - CST Brands Inc., through its CrossAmerica Partners LP wholly-owned subsidiary, has closed its previously announced acquisition of the Charleston, West Virginia-based One Stop convenience store network. CST is also moving 29 recently constructed stores into its wholly-owned CrossAmerica partnership via two “dropdown” transactions.



The dropdown transactions allowed CrossAmerica to acquire the property associated with the 29 stores and an additional 12.5% interest in CST Fuel Supply LP for $142 million in cash and 3.6 million newly issued limited partner shares in CrossAmerica. With this transaction CST Brands now holds approximately 5.1 million common units of CrossAmerica.



All of the approximately $183.9 million of cash used in these transactions was financed under the partnership's credit facility.