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FleetCor scales back add-on term loan amount to $750 million
By Sara Rosenberg
New York, Dec. 15 – FleetCor Technologies Inc. downsized its fungible add-on term loan B due April 2028 to $750 million from $1 billion, according to a market source.
Pricing on the add-on term loan is unchanged at Libor plus 175 basis points with a 0% Libor floor and an original issue discount of 98.55.
The add-on term loan has 101 soft call protection for six months.
BofA Securities Inc. is the left lead on the deal.
Allocations are expected on Thursday.
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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