TSL Express Daily News
The Secured Lender
SFNet's Women in Secured Finance Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
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February 25, 2025
Source: Businesswire
Increases Liquidity to Execute Company’s 2025 Capital Plan
ATLANTA--(BUSINESS WIRE)--Corpay, Inc. (NYSE: CPAY), a global S&P 500 corporate payments company 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 spreads amongst the BB+ corporates, which reflects our strong balance sheet and the significant cash flows Corpay consistently generates,” said Tom Panther, chief financial officer, Corpay, Inc. “Our outlook for EBITDA and free cash flow in 2025 enables us to execute our capital plan without increasing our leverage ratio.”
Both Moody’s and S&P Global maintained their credit ratings on Corpay of Ba1 and BB+, respectively, and maintained a stable credit outlook.
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.
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
Contacts
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Media Relations
Chad Corley, 770-729-5021
Chad.Corley@corpay.com