BofA Agents FleetCor Credit Agreement Expansion to $1.4 Billion
FleetCor Technologies, an independent global provider of fuel cards and workforce payment products, announced that on November 6, 2012, it increased the size of its loan facilities by $500 million. Bank of America served as administrative agent.
The upsized credit facility 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.