FLEETCOR Technologies, a business payments company, closed on an amendment to its pro rata term loan A and revolver A credit facilities. The transaction was leverage neutral and resulted in a $600 million increase in the company’s capacity under its facilities. More specifically, the amendment resulted in an increase to the company’s revolver from $1.5 billion to $1.775 billion and an increase in its borrowings under its term loan A facility by $325 million. FLEETCOR used the proceeds to pay down its revolver balance.

Interest rate and maturity terms of rh facilities remain consistent with the company’s existing credit facilities. FLEETCOR anticipates using the increased debt facility to drive earnings growth through both M&A and repurchasing FLEETCOR stock in 2024.

“We’re very pleased with the broad participation and demand for our credit facility, resulting in $600 million of incremental liquidity with no change in credit terms,” Ron Clarke, chairman and CEO of FLEETCOR Technologies, said.

“These upsized credit facilities are reflective of the high demand for our credit as a result of our strong balance sheet and the significant free cash flow the company consistently generates,” Tom Panther, CFO of FLEETCOR Technologies, said.

Bank of America is the administrative agent for the facilities and BOFA Securities, PNC Capital Markets, TD Securities and Wells Fargo Securities are joint lead arrangers and joint bookrunners. Fifth Third Bank BMO, The Bank of Nova Scotia and Citizens Bank are co-documentation agents. Barclays Bank, Citibank and JPMorgan Chase are co-managing agents.