Corpay has expanded its credit facility by $750 million.
Takeaway Points
- Corpay has expanded its credit facility by $750 million.
- The company will use the proceeds to pay down its revolver balance.
- On Thursday, Corpay announced that it has partnered with FIG to become Official FX Payment Services.
Corpay Credit Facility
Corpay, Inc., a global S&P 500 corporate payments company, on Monday said 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.
According to the report, the company will use the proceeds to pay down its revolver balance, resulting in approximately $1.5 billion of undrawn capacity on the revolver.
Ron Clarke, chairman and chief executive officer, Corpay, Inc., commented, “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. Our balance sheet is in great shape to execute our capital plan as we look to expand our Corporate Payments business.”
Tom Panther, chief financial officer, Corpay, Inc., said, “Our Term Loan B credit facility reflects some of the tightest credit spreads amongst the BB+ corporates, which reflects our strong balance sheet and the significant cash flows Corpay consistently generates. Our outlook for EBITDA and free cash flow in 2025 enables us to execute our capital plan without increasing our leverage ratio.”
The Administrative Agents
Corpay said that Bank of America, N.A. is the Administrative Agent and BofA Securities, Inc., PNC Capital Markets, LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC, MUFG Bank, LTD, Fifth Third Bank, National Association, Barclays Bank PLC, BMO Capital Markets Corp., Mizuho Bank, LTD., The Bank of Nova Scotia, Citizens Bank, N.A., Capital One, National Association, Citibank, N.A., and JPMorgan Chase Bank, N.A. served as Joint Lead Arrangers and Joint Bookrunners.
Corpay Cross-Border Partners with FIG, Becomes Official FX Payment Services
Corpay, Inc., on Thursday announced that Corpay’s Cross-Border business has entered into an agreement with the Federation Internationale de Gymnastique (FIG), the world governing body for gymnastics recognized by the International Olympic Committee (IOC), to become their Official Foreign Exchange Payments Supplier.
Brad Loder, Chief Marketing Officer, Corpay Cross-Border Solutions, said, “The Corpay Cross-Border team is honoured to be named the Official FX Payments Supplier for the FIG. As we continue to focus on growing Corpay’s brand and business globally, we are excited to partner with a historic and respected organization such as the FIG. I am confident that the FIG, along with their network of national member federations and corporate business partners, will benefit from access to our comprehensive cross-border payments and FX risk management solutions, along with our experience gained within the world of sports.”
FIG President Morinari Watanabe commented, “We are delighted about this agreement with an internationally renowned company such as Corpay. This collaboration will introduce Corpay’s services to the world of gymnastics and help us, as an international federation with 165 member federations, to streamline our numerous foreign currency transactions.”
About Corpay
Corpay (NYSE: CPAY), the Corporate Payments Company, is a global S&P 500 provider of commercial cards (e.g., business cards, fleet cards, virtual cards) and AP automation solutions (e.g., invoice and payments automation, cross-border payments) to businesses worldwide. Our solutions result in our customers controlling purchases, mitigating fraud, and ultimately spending less. To learn more, visit www.corpay.com.
