Corpay® Upsizes Credit Facility by $750 million
Corpay (NYSE: CPAY), a global S&P 500 corporate payments company, has announced a $750 million increase to its Term Loan B credit facility. The leverage-neutral transaction maintains the existing interest rate and maturity terms. The company plans to initially use the proceeds to pay down its revolver balance, resulting in approximately $1.5 billion of undrawn capacity on the revolver.
The transaction received oversubscribed demand, demonstrating market confidence in Corpay's earnings potential. Both Moody's and S&P Global maintained their credit ratings of Ba1 and BB+ respectively, with a stable outlook. The company's management expressed confidence in their 2025 EBITDA and free cash flow outlook, stating they can execute their capital plan without increasing leverage ratio.
Corpay (NYSE: CPAY), una società globale di pagamenti aziendali S&P 500, ha annunciato un aumento di $750 milioni della sua linea di credito Term Loan B. La transazione, neutra rispetto alla leva finanziaria, mantiene i tassi di interesse e le scadenze esistenti. L'azienda prevede di utilizzare inizialmente i proventi per ridurre il saldo del suo revolver, risultando in circa $1.5 miliardi di capacità non utilizzata sul revolver.
La transazione ha ricevuto una domanda sovrascritta, dimostrando la fiducia del mercato nel potenziale di guadagno di Corpay. Sia Moody's che S&P Global hanno mantenuto le loro valutazioni creditizie di Ba1 e BB+ rispettivamente, con un outlook stabile. La direzione dell'azienda ha espresso fiducia nelle loro previsioni di EBITDA e flusso di cassa libero per il 2025, affermando di poter eseguire il loro piano di capitale senza aumentare il rapporto di leva.
Corpay (NYSE: CPAY), una empresa global de pagos corporativos en el S&P 500, ha anunciado un incremento de $750 millones en su línea de crédito Term Loan B. La transacción, neutral en cuanto a apalancamiento, mantiene las tasas de interés y los plazos existentes. La compañía planea utilizar inicialmente los ingresos para reducir el saldo de su línea de crédito revolvente, resultando en aproximadamente $1.5 mil millones de capacidad no utilizada en la línea de crédito.
La transacción recibió una demanda sobredimensionada, demostrando la confianza del mercado en el potencial de ganancias de Corpay. Tanto Moody's como S&P Global mantuvieron sus calificaciones crediticias de Ba1 y BB+ respectivamente, con una perspectiva estable. La dirección de la empresa expresó confianza en sus proyecciones de EBITDA y flujo de caja libre para 2025, afirmando que pueden ejecutar su plan de capital sin aumentar el ratio de apalancamiento.
Corpay (NYSE: CPAY), 글로벌 S&P 500 기업 지급 결제 회사가 7억 5천만 달러 증가를 발표했습니다. 이 거래는 레버리지 중립적이며 기존의 이자율과 만기 조건을 유지합니다. 회사는 초기 수익금을 회전 신용 잔액을 상환하는 데 사용할 계획이며, 결과적으로 회전 신용에서 약 15억 달러의 미사용 용량이 발생합니다.
이 거래는 초과 청약을 받았으며, Corpay의 수익 잠재력에 대한 시장의 신뢰를 보여줍니다. Moody's와 S&P Global 모두 각각 Ba1 및 BB+의 신용 등급을 유지하며 안정적인 전망을 보였습니다. 회사 경영진은 2025년 EBITDA 및 자유 현금 흐름 전망에 대한 자신감을 표명하며, 레버리지 비율을 증가시키지 않고도 자본 계획을 실행할 수 있다고 밝혔습니다.
Corpay (NYSE: CPAY), une entreprise mondiale de paiements d'entreprise du S&P 500, a annoncé une augmentation de 750 millions de dollars de sa ligne de crédit Term Loan B. La transaction, neutre en matière de levier, maintient les taux d'intérêt et les conditions d'échéance existants. L'entreprise prévoit d'utiliser initialement les produits pour rembourser son solde de crédit renouvelable, ce qui entraînera environ 1,5 milliard de dollars de capacité non utilisée sur le crédit renouvelable.
La transaction a reçu une demande sursouscrite, démontrant la confiance du marché dans le potentiel de bénéfices de Corpay. À la fois Moody's et S&P Global ont maintenu leurs notations de crédit de Ba1 et BB+ respectivement, avec une perspective stable. La direction de l'entreprise a exprimé sa confiance dans ses prévisions d'EBITDA et de flux de trésorerie libre pour 2025, affirmant qu'elle pouvait exécuter son plan de capital sans augmenter le ratio d'endettement.
Corpay (NYSE: CPAY), ein globales Unternehmen für Unternehmenszahlungen im S&P 500, hat eine Erhöhung um 750 Millionen US-Dollar seiner Term Loan B-Kreditfazilität angekündigt. Die leverage-neutrale Transaktion hält die bestehenden Zinssätze und Laufzeiten aufrecht. Das Unternehmen plant, die Erlöse zunächst zur Rückzahlung seines revolvierenden Kredits zu verwenden, was zu etwa 1,5 Milliarden US-Dollar nicht genutzter Kapazität auf dem revolvierenden Kredit führen wird.
Die Transaktion erhielt eine überzeichnete Nachfrage, was das Vertrauen des Marktes in Corpays Ertragspotenzial zeigt. Sowohl Moody's als auch S&P Global haben ihre Kreditratings von Ba1 und BB+ respektive mit einem stabilen Ausblick beibehalten. Das Management des Unternehmens äußerte Vertrauen in ihre EBITDA- und freien Cashflow-Prognosen für 2025 und erklärte, dass sie ihren Kapitalplan ohne Erhöhung des Verschuldungsgrades umsetzen können.
- Secured $750 million increase in credit facility without changing leverage
- Achieved $1.5 billion in undrawn revolver capacity
- Maintained existing credit ratings with stable outlook
- Received oversubscribed demand for credit facility
- Obtained competitive credit spreads among BB+ corporates
- None.
Insights
The $750 million credit facility expansion represents a strategic masterpiece in corporate finance management, showcasing Corpay's exceptional market position and financial prowess. The transaction's oversubscribed status, coupled with participation from 15 major financial institutions, signals extraordinary confidence in Corpay's business model and growth trajectory.
Several key aspects deserve attention: First, maintaining the same interest rate and maturity terms while increasing facility size is remarkable in the current high-rate environment, indicating lenders' strong appetite for Corpay's credit. The company's ability to secure some of the tightest credit spreads among BB+ rated corporates demonstrates superior financial strength and negotiating power.
The expansion to $1.5 billion in undrawn revolver capacity provides substantial dry powder for strategic initiatives while maintaining leverage neutrality - a delicate balance that few companies achieve. This enhanced liquidity position offers significant competitive advantages in the rapidly evolving corporate payments landscape, where scale and technological investment are important for market leadership.
The involvement of premier financial institutions as joint lead arrangers, including Bank of America, JPMorgan Chase, and Citibank, adds another layer of credibility and suggests potential strategic partnerships beyond mere lending relationships. This broad syndicate diversity also reduces concentration risk and strengthens Corpay's banking relationships for future capital needs.
Most notably, the stable credit outlook from both Moody's (Ba1) and S&P (BB+) confirms that this expansion aligns with Corpay's strong cash generation capabilities and prudent financial management. The company's ability to execute its 2025 capital plan without increasing leverage ratios indicates robust EBITDA growth expectations and efficient capital allocation strategies.
Increases Liquidity to Execute Company’s 2025 Capital Plan
“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 (
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20250224569747/en/
Investor Relations
Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Media Relations
Chad Corley, 770-729-5021
Chad.Corley@corpay.com
Source: Corpay, Inc.
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