FleetCor Completes New $350M Credit Facility
Atlanta, Georgia - May 14, 2007 –
FleetCor, The Global Fleet Card Company,
announced today that it has successfully completed a re-financing of its existing
credit facility with a new $350 million credit facility arranged by JP Morgan
Chase Bank. The new credit facilities are comprised of a $300 million Term Loan B
facility and a $50 million revolving credit facility. In conjunction with the new
credit facility, the Company also re-priced the facilities to reflect improved
ratings from both Moody’s and S&P.
The Company intends to use the proceeds from the re-financing to replace its existing
indebtedness, complete two acquisitions and finance a partial redemption of shares
from existing shareholders. This new expanded credit facility provides for undrawn
funds that can be used for future acquisitions.
“We are delighted to have completed this new up-sized $350M facility”, said Eric Dey,
FleetCor’s CFO. “We are particularly pleased that a large number of our existing lenders rolled
into this new credit.”
About Fleetcor
FleetCor, (www.Fleetcor.com), the Global Fleet Card
Company, was established in 2000 in Atlanta, Georgia. FleetCor is privately
owned by a group of institutional private equity investors, including Bain
Capital, Summit Partners, and Advent International. FleetCor is the worldwide
leader in fuel card processing serving over 500,000 business Fleets and
approximately 3 million cardholders in the US, Canada, and Europe. FleetCor’s
card programs are marketed under a variety of brand names including:
CCS, CFN, Keyfuels, FleetNet, FleetSource, FleetWide, Fuelman and Mannatec.
FleetCor and its subsidiaries employ over 700 associates located in 20 offices.
For further information:
Richelle Gillett, DDB Public Relations
+1-416-972-7787
richelle.gillett@can.ddbpr.com
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