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FleetCor trims spread on $250 million term loan to Libor plus 200 bps
By Sara Rosenberg
New York, July 27 – FleetCor Technologies Inc. reduced pricing on its $250 million seven-year covenant-light term loan (BB+) to Libor plus 200 basis points from Libor plus 225 bps, according to a market source.
In addition, the original issue discount on the term loan finalized at 99.75, the tight end of the 99.5 to 99.75 talk, the source said.
As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.
Bank of America Merrill Lynch is the lead bank on the deal.
Commitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.
Proceeds will be used to amend and extend from 2021 an existing term loan.
FleetCor is a Norcross, Ga.-based provider of specialized payment products and services, including fleet cards, food cards and corporate lodging discount cards for businesses.
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