FleetCor to use credit facilities for accelerated share repurchases

By Wendy Van Sickle

Columbus, Ohio, Dec. 19 – FleetCor Technologies, Inc. expects to draw down on its credit facilities to fund a portion of an accelerated program to repurchase its common stock, according to a news release.

FleetCor announced Thursday that it has entered into a program to repurchase $500 million of common stock on an accelerated basis under its current share repurchase authorization.

“We believe the fundamental growth outlook for our business is strong, and our current cash flow generation is sufficient to support both share buybacks and acquisitions,” Eric Dey, chief financial officer of Fleetcor, said in the release. “Additionally, our Q319 leverage ratio of 1.98 times EBITDA, coupled with significant availability in our credit facilities, provides the flexibility to deploy our capital opportunistically.”

The company also expects to use cash to repurchase the shares.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.