FleetCor terminates prior facility, draws $2.13 billion of new loans

By Marisa Wong

Madison, Wis., Nov. 17 – FleetCor Technologies, Inc. terminated its credit agreement dated June 22, 2011 with Bank of America, NA as administrative agent on Nov. 14, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement was terminated concurrently and in connection with FleetCor’s acquisition of Comdata from Ceridian LLC.

The company did not incur any early termination penalties in connection with the termination, the filing noted.

As previously reported, the company entered into a new $3,355,000,000 credit agreement with Bank of America, NA as administrative agent, swingline lender and letter-of-credit issuer on Oct. 24.

On Nov. 14, in order to finance a portion of the acquisition, FleetCor made an initial borrowing of term and revolving loans in the aggregate amount $2,133,750,000 under the new credit agreement. The initial borrowing included a term loan A of $1,543,750,000, a term loan B of $300 million and an advance of the revolver of $290 million.

As a condition to the initial borrowing under the new credit agreement, the company was required to terminate the prior credit agreement.

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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