Payments company Corpay, Inc. (NYSE:CPAY) today announced that it successfully closed on an amendment to its Term Loan B credit facility that resulted in an increase of $750 million.
The transaction is leverage neutral, and the interest rate and maturity remain consistent with the existing credit facility.
Initially, the company will use the proceeds to pay down its revolver balance, resulting in approximately $1.5 billion of undrawn capacity on the revolver.
“We’re very pleased with the broad participation and oversubscribed demand for our credit facility, which reflects the broad-based confidence in Corpay’s durable earnings power,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “Our balance sheet is in great shape to execute our capital plan as we look to expand our Corporate Payments business.”
“Our Term Loan B credit facility reflects some of the tightest credit…
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