FleetCor launches $1 billion add-on term loan at 98.55 OID

By Sara Rosenberg

New York, Dec. 8 – FleetCor Technologies Inc. launched on Wednesday its fungible $1 billion add-on term loan B due April 2028 with original issue discount talk of 98.55, according to a market source.

Pricing on the add-on term loan is Libor plus 175 basis points with a 0% Libor floor.

The add-on term loan has 101 soft call protection for six months.

BofA Securities Inc. is the left lead on the deal.

Commitments are due at noon ET on Dec. 15, the source added.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes, including acquisitions and potential share repurchases.

FleetCor is an Atlanta-based business payments company.

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