FleetCor increases credit facilities’ capacity by $600 million

By Wendy Van Sickle

Columbus, Ohio, Feb. 7 – FleetCor Technologies Inc. closed on an amendment to its pro rata term loan A and revolver A credit facilities, according to a news release.

The transaction was leverage neutral and results in a $600 million increase in the company’s capacity under its facilities.

Specifically, the revolver was increased to $1,775,000,000 from $1.5 billion, and the term loan A was increased by $325 million. The company used the term loan proceeds to pay down the revolver balance.

Interest rate and maturity terms remain consistent with the existing credit facilities.

The company expects to use the increased debt facility to drive earnings growth through both mergers and acquisitions and repurchasing its stock in 2024.

“We’re very pleased with the broad participation and demand for our credit facility, resulting in $600 million of incremental liquidity with no change in credit terms,” said Ron Clarke, chairman and chief executive officer of the company, in the release.

Bank of America, NA is the administrative agent. BofA Securities, Inc., PNC Capital Markets, LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners. Fifth Third Bank, NA, BMO Bank NA, Bank of Nova Scotia and Citizens Bank, NA are the co-documentation agents. Barclays Bank plc, Citibank, NA and JPMorgan Chase Bank, NA are the co-managing agents.

FleetCor is an Atlanta-based business payments company.

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