Corpay Completes Refinancing and Increases Revolving Credit Facility to $3.7 Billion

What's the deal? Corpay (NYSE: CPAY), the corporate payments and expense management company, has closed an amended credit deal that increases its revolving credit facility by $925M to $3.7B and its Term Loan A by $420M to $3.3B — both on new five-year terms. The company also plans to use $1B of the proceeds to pay down a portion of its Term Loan B, trimming it to $2.9B with a November 2032 maturity. USD interest rates on the new facilities are 10 basis points lower than the existing ones.

"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.

Arrangers: Bank of America (Administrative Agent), BofA Securities, PNC Bank, J.P. Morgan Chase Bank, Barclays Bank, TD Securities, Wells Fargo Securities, and BMO Capital Markets served as Joint Lead Arrangers and Joint Bookrunners. Scotiabank, Capital One, Citizens Bank, Fifth Third Bank, ICBC, KeyBanc Capital Markets, Mizuho Bank, Truist Securities, and Royal Bank of Canada served as joint lead arrangers.

Source: BusinessWire via The Pilot News