FleetCor to launch roughly $3.79 billion facility on Wednesday

By Sara Rosenberg

New York, Sept. 9 – FleetCor Technologies Inc. will hold a bank meeting at 10 a.m. ET on Wednesday to launch its $3,785,000,000 senior secured credit facility (BB+), according to a market source.

Bank of America Merrill Lynch, Barclays, PNC Capital Markets LLC and Wells Fargo Securities LLC are the lead banks on the deal.

The facility consists of a $1 billion revolver A, a $35 million revolver B, a $1.7 billion five-year term loan A and a $1.05 billion seven-year term loan B, the source said.

Proceeds will be used to help fund the acquisition of Comdata Inc. from Ceridian LLC for $3.45 billion.

Other funds for the transaction will come from the issuance of about 7.3 million shares of FleetCor common stock to Ceridian.

Closing is expected in December, subject to regulatory approvals and other customary conditions.

Pro forma leverage will be 3.3 times at year-end.

FleetCor is a Norcross, Ga.-based provider of fuel cards and workforce payment products to businesses. Comdata is a Brentwood, Tenn.-based business-to-business provider of electronic payment solutions.

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