Pilot Travel Centers

Pilot’s new debt rating from Moody’s brings it up to investment-grade

Pilot Travel Centers, now 100% owned by Berkshire Hathaway, has an upgraded debt rating from Moody’s, though it is significantly lower than what S&P Global Ratings has bestowed on the chain.

Moody’s on Tuesday gave Pilot a long-term issuer rating of Baa3. It replaces the Ba1 corporate family rating, which is one notch below the new rating.

Moody’s also withdrew its Probability of Default rating for Pilot of Ba2, which is two notches less than Pilot’s new long-term issuer rating.

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https://www.freightwaves.com/news/pilots-new-debt-rating-from-moodys-brings-it-up-to-investment-grade

Pilot-Tennessee Athletics sponsorship preserves Neyland Stadium name

Pilot Travel Centers, the largest network of travel centers in North America, is partnering with Tennessee Athletics to preserve and renovate the iconic Neyland Stadium at the University of Tennessee, Knoxville.

Knoxville-based Pilot announced in a news release that the company and Tennessee Athletics are breaking new ground in college sports by entering a multiyear partnership to preserve the venue’s name and enhance the stadium experience for future generations.

The agreement is slated for up...

https://www.freightwaves.com/news/pilot-partners-with-tennessee-athletics-on-neyland-stadium-renovations

Pilot’s drop in profits led to lower valuation in final Berkshire purchase

The final tranche of Pilot Travel Centers purchased by Berkshire Hathaway appears to have put the enterprise value of the travel center chain significantly lower than it was just a year earlier.

In the company’s 10-K report filed with the Securities and Exchange Commission over the weekend, Berkshire Hathaway revealed that it had paid $2.6 billion for the final 20% of Pilot it did not already own. That would give Pilot an enterprise value of $13 billion.

But in the first quarter of 2023,...

https://www.freightwaves.com/news/pilots-drop-in-profits-led-to-lower-valuation-in-final-berkshire-purchase

Love’s: Restraint in new travel centers/truck parking in ’24, but larger growth plans

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Coming off a year in which it made several significant acquisitions even as its growth in new travel...

https://www.freightwaves.com/news/loves-restraint-in-new-travel-centers-truck-parking-in-24-but-larger-growth-plans

Haslams sell final 20% stake in Pilot to Berkshire Hathaway

The Haslam family is out of Pilot Travel Centers.

The legal battle between the Haslams and Berkshire Hathaway (NYSE: BRK.B) over the travel centers’ valuation was settled last week, the truce announced the day the case was to go to trial in Delaware Chancery Court. With that compleeted, the founding family exercised its “put option,” which required Berkshire to buy the 20% of PTC it did not already own.

The two companies announced the transaction late Tuesday.

“Pilot started with one gas station...

https://www.freightwaves.com/news/haslams-sell-final-20-stake-in-pilot-to-berkshire-hathaway

Berkshire, Haslams settle suits, avoiding trial over valuation of Pilot Travel Centers

On the day the legal battle between the founding family of Pilot Travel Centers and its current owner Berkshire Hathaway was to go to trial in Delaware, the two sides reached a settlement.

In a brief statement released early Monday, a spokeswoman for the Haslam family said the two sides had reached a deal and are ending all litigation over the issue.

The Haslams had originally sued Berkshire, which then filed a countersuit. Patriarch James A. Haslam II founded Pilot Travel Centers (PTC) and has...

https://www.freightwaves.com/news/berkshire-haslams-settle-suits-avoiding-trial-over-valuation-of-pilot-travel-centers

Haslam payments to Pilot execs won’t be issue in Berkshire Hathaway trial

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The legal battle between the Haslam family and Berkshire Hathaway over the valuation of Pilot Travel...

https://www.freightwaves.com/news/haslam-payments-to-pilot-execs-wont-be-issue-in-berkshire-hathaway-trial

Court won’t hear Berkshire claims over Haslam’s Pilot payments next month

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The Haslam family and Berkshire Hathaway will square off in a Delaware court next month in their...

https://www.freightwaves.com/news/court-wont-hear-berkshire-claims-over-haslams-pilot-payments-next-month

Berkshire: Haslam made secret payments for quick financial boost at Pilot

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Repeatedly using words like “illicit” and “secret,” Berkshire Hathaway has fired back at Jimmy...

https://www.freightwaves.com/news/berkshire-haslam-made-secret-payments-for-quick-financial-boost-at-pilot

Debt ratings review: Pilot remains ‘strong operator’

A review of Pilot Travel Center’s debt by the two largest debt rating agencies paint a picture of a company that is stable and in a strong position as the freight market continues to grow.

While Moody’s made no changes to Pilot’s debt ratings, Standard & Poor’s Global Ratings did take one of its ratings down a notch.

The move by S&P Global on some Pilot debt is significant in that by taking the rating on the company’s existing senior secured debt down to BB+ from BBB-, the agency has moved that...

https://www.freightwaves.com/news/debt-ratings-review-pilot-remains-strong-operator