ATLANTA- (BUSINESS WIRE)- Corpay, Inc., the corporate payments and expense management company today announced that it closed an amendment to increase its revolving credit facility by $925 million to $3.7 billion and increase its Term Loan A by $420M to $3.3 billion, both for new 5-year terms. The USD interest rates are 10 basis points lower than the existing facilities.
The Company plans to use $1 billion of the proceeds to pay down a portion of its Term Loan B and refinance a portion of its Term Loan B, resulting in a $2.9 billion Term Loan B, maturing in November 2032. This will also result in lower annual interest expense.
“We’re very pleased to upsize and extend our credit facilities,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “This is a reflection of the durability of Corpay’s earnings power, and these amended facilities provide us additional liquidity to grow the business.”
“Our debt facility continues to price at very attractive levels, and will result in interest expense savings for the extended term,” said Peter Walker, chief financial officer, Corpay, Inc. “We’re very appreciative of our bank partners stepping up to support this upsized credit facility.”
