FleetCor wraps $343 million term loan B at par issue price

By Sara Rosenberg

New York, Nov. 12 – FleetCor Technologies Inc. finalized the issue price on its $343 million covenant-lite term loan B due August 2024 at par, the tight end of the 99.875 to par talk, according to a market source.

Pricing on the term loan is Libor plus 175 basis points with a 0% Libor floor, and the debt has 101 soft call protection for six months.

BofA Securities Inc. is the lead on the deal.

Proceeds will be used to reprice an existing term loan B down from Libor plus 200 bps.

FleetCor is a Peachtree Corners, 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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