FleetCor Announces Expansion of Credit Agreement to $1.4 Billion

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Sunday, 02 December 2012 11:46

On November 7, FleetCor Technologies, Inc., a leading independent global provider of fuel cards and workforce payment products to businesses, announced that it increased the size of its loan facilities by $500 million. The upsized credit facility totals $1.4 billion and consists of a $550 million term loan facility and an $850 million revolving credit facility, with an option to increase the facility by an additional $250 million. The interest rates on the upsized facility will remain unchanged.

FleetCor anticipates using the increased facility primarily to help fund future acquisitions, for working capital and other general corporate purposes, including to potentially fund share repurchases from certain of its significant legacy investors.

“With the increased credit facility, we currently have plenty of dry powder, approximately $1 billion of liquidity, to continue to pursue our strategy of acquiring businesses that have good business models in attractive geographies and to execute other corporate strategies,” said Eric Dey, chief financial officer, FleetCor Technologies, Inc.

FleetCor is a leading global provider of fuel cards and workforce payment products to businesses. FleetCor’s payment programs enable businesses to better control employee spending and provide card-accepting merchants with a commercial customer base that can increase their sales and customer loyalty. FleetCor serves commercial accounts in North America, Latin America, and Europe.


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