The Pantry Inc. has completed the expansion and renegotiation of certain terms of its senior secured credit facilities.

The facilities include a $350 million term loan, increased from approximately $304 million previously, and a $225 million revolving credit facility, increased from $150 million previously. In addition, the agreement includes a new “delayed-draw” feature, which provides the company with the option to add up to $100 million to its term loan, with the same pricing and other terms on a fully committed basis, at any time over the next 12 months.

Final maturities for the facilities were extended to 2014 for the term loan and 2013 for the revolver. While outstanding letters of credit effectively absorb approximately $50 million of the company’s borrowing capacity under the revolver, the remaining capacity is currently unused and available for potential acquisitions and other corporate purposes.

“We are pleased to complete the renegotiation of our credit agreement on favorable terms,” said CEO Peter J. Sodini. “We were able to significantly expand the size and extend the maturities of our facilities with pricing comparable to our previous agreement. In addition, the other terms and covenants are less restrictive, enhancing our overall financial flexibility and our ability to take advantage of further acquisition opportunities.”