Just one day after TravelCenters of America rejected Arko Corp.’s unsolicited bid to acquire the travel center chain for $92 per share because the deal carried “significant” financing risk, Arko has issued a new letter to TA’s board detailing its finances in an effort to get a deal made, according to a Wednesday announcement.

The letter discloses an amendment to Arko’s 2021 purchase agreement with real estate investment firm Oak Street Real Estate Capital, in which Oak Street originally agreed to provide Arko with $1 billion for c-store M&A activity. 

According to Wednesday’s letter, Oak Street has amended the purchase agreement to provide an additional $1.25 billion to finance Arko’s bid to acquire TA. The updated purchase agreement is also referenced in an 8-K form the company filed with the Securities and Exchange Commission.

Beyond the additional finances provided by Oak Street, Arko said it has even more liquidity through cash, cash equivalents, and availability under its existing credit lines, and has “never required any financing conditions.” The company also noted that its proposal to TA offers no financing-related conditions.

Arko also updated its bid on March 27, 2023, saying it would pre-pay $202 million for 11 years of lease payments, using the same discount rate as BP’s offer, in comparison to BP’s proposal to pre-pay $188 million for 10 years of lease payments, according to the announcement.

Until now, TA has “refused to engage at all with Arko” since Arko submitted its rival bid on March 14, according to the announcement.

Arko declined to comment when contacted by C-Store Dive for more details on its latest attempt to acquire TravelCenters of America.

TA agreed to sell its assets to BP in February. The deal, which included TA’s 281 locations across 44 states, was unanimously approved by TA’s board, and the companies said they expected the acquisition to close by mid-year 2023.