FLEETCOR Technologies, Inc.(NYSE: FLT), a leading global business payments company, today announced that it successfully closed on an amendment to its pro rata Term Loan A and Revolver A credit facilities. The transaction was leverage neutral and results in a $600 million increase in the Company’s capacity under its facilities. This amendment resulted in an increase to the Company’s revolver from $1.5 billion to $1.775 billion. In addition, the Company increased its borrowings under its Term Loan A facility by $325 million and used those proceeds to paydown its revolver balance. Interest rate and maturity terms remain consistent with the existing credit facilities.
FLEETCOR anticipates using the increased debt facility to drive earnings growth through both M&A and repurchasing FLEETCOR 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, FLEETCOR Technologies, Inc.
“These upsized credit facilities are reflective of the high demand for our credit as a result of our strong balance sheet and the significant free cash flow the Company consistently generates,” said Tom Panther, chief financial officer, FLEETCOR Technologies, Inc.
Bank of America, N.A. is the Administrative Agent and BOFA Securities, Inc., PNC Capital Markets, LLC, TD Securities (USA) LLC, and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Bookrunners Fifth Third Bank, National Association, BMO Bank N.A., The Bank of Nova Scotia, and Citizens Bank, N.A., as Co-Documentation Agents Barclays Bank, PLC, Citibank, N.A., and JP Morgan Chase Bank, N.A. as Co-Managing Agents.
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