FleetCor plans roughly $3.79 billion facility with Comdata purchase

By Sara Rosenberg

New York, Aug. 12 – FleetCor Technologies, Inc. has received a commitment for a $3,785,000,000 senior secured credit facility to help fund its acquisition of Comdata Inc. from Ceridian LLC, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Bank of America Merrill Lynch is the lead bank on the deal.

The facility consists of a $1 billion revolver A, a $35 million revolver B, a $1.7 billion term loan A and a $1.05 billion term loan B.

Other funds for the transaction will come from the issuance of about 7.3 million shares of FleetCor common stock to Ceridian.

Under the agreement, Comdata, a Brentwood, Tenn.-based business-to-business provider of electronic payment solutions, is being purchased for $3.45 billion.

Closing is expected in December, subject to regulatory approvals and other customary conditions.

Pro forma leverage will be 3.3 times at year-end.

FleetCor is a Norcross, Ga.-based provider of fuel cards and workforce payment products to businesses.

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