FleetCor launches $343 million term loan B at Libor plus 175 bps

By Sara Rosenberg

New York, Oct. 29 – FleetCor Technologies Inc. launched on its call on Tuesday a $343 million covenant-lite term loan B due August 2024 with price talk of Libor plus 175 basis points with a 0% Libor floor and an original issue discount of 99.875 to par, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BofA Securities Inc. is the lead on the deal.

Commitments are due at noon ET on Nov. 7, the source added.

Proceeds will be used to reprice an existing term loan B down from Libor plus 200 bps.

FleetCor is a Peachtree Corners, Ga.-based provider of specialized payment products and services, including fleet cards, food cards and corporate lodging discount cards for businesses.

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