Deluxe Corporation (NYSE: DLX) expands $100M receivables facility and extends maturity to 2028

Rhea-AI Filing Summary

Deluxe Corporation entered into an amendment to its receivables financing agreement through its wholly owned subsidiary Deluxe Receivables LLC on December 15, 2025. The amendment increases the facility limit to $100,000,000, raises the required capital amount to $17,500,000, and extends the scheduled termination date from March 12, 2027 to December 14, 2028. The drawn fee is now tied to the company’s long-term debt ratings, with a grid ranging from 1.00% to 1.40%; as of the closing date, Deluxe is at Pricing Level II with a drawn fee of 1.15%. These changes create a longer-dated, ratings-based receivables financing structure that constitutes a material definitive agreement and a direct financial obligation for the company.

Insights

Corporate finance and credit facilities analyst

Deluxe ups its receivables facility to $100M and extends maturity to 2028 under a ratings-based fee grid.

Deluxe Corporation, via subsidiary Deluxe Receivables LLC, amended its receivables financing agreement on December 15, 2025. The facility limit was increased to $100,000,000 and the required capital amount to $17,500,000, indicating a larger capacity to fund receivables through this structure. The scheduled termination date moved from March 12, 2027 to December 14, 2028, giving the company a longer-term committed source of receivables-based funding.

The amendment links the drawn fee to long-term debt ratings through a four-tier grid from 1.00% at the highest ratings (Pricing Level I) to 1.40% at the lowest (Pricing Level IV). As of the closing date, Deluxe is at Pricing Level II, implying a drawn fee of 1.15%. This structure directly connects borrowing costs on this facility to future rating changes, which may influence funding expense over time.

Because other material terms of the receivables financing agreement remain unchanged and this is a secured, asset-based structure, the overall effect is primarily on liquidity profile and funding flexibility rather than a transformational shift in capital structure. Future company disclosures could provide additional context on utilization of the $100,000,000 capacity and any changes in pricing levels if credit ratings move.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) of THE SECURITIES EXCHANGE ACT OF 1934 

Date of Report (Date of earliest event reported): December 17, 2025

DELUXE CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

MN		1-7945		41-0216800
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

801 S. Marquette Ave.,

Minneapolis, MN 55402 

(Address of principal executive offices and zip code)

(651) 483-7111

(Registrant’s telephone number, including area code)

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $1.00 per share		DLX		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01 - Entry into a Material Definitive Agreement.

On December 15, 2025 (the “Closing Date”), Deluxe Receivables LLC (“Borrower”), a special purpose company and wholly-owned subsidiary of Deluxe Corporation (the “Company”), a Minnesota corporation, entered into Amendment No. 1 to Receivables Financing Agreement (the “Amendment”), amending the Receivables Financing Agreement, dated as of March 13, 2024 (the “RFA”) among MUFG Bank, Ltd., as administrative agent (the “Administrative Agent”), the Borrower, the Company, as initial servicer (the “Servicer”) and the group and agents and lenders party thereto.

The Amendment, among other things, (i) increases the Facility Limit to $100,000,000, (ii) increases the Required Capital Amount to $17,500,000 and (iii) extends the Scheduled Termination Date from March 12, 2027 to December 14, 2028. The drawn fee was amended to correspond to the long term debt rating of the Company as set forth in the chart below:

Pricing Level	Rating	Drawn Fee Percentage
I	BB- or better and Ba3 or better	1.00%
II	B+ or better and B1 or better, in each case, but below the rating set forth in Pricing Level I	1.15%
III	B or better and B2 or better, in each case, but below the rating set forth in Pricing Level I and Pricing Level II	1.25%
IV	B- or worse (or unrated) or B3 or worse (or unrated)	1.40%

The Pricing Level as of the Closing Date is II. The other material terms of the RFA were unchanged. 

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 2.03 - Creation of a Direct Financial Obligation.

The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description of Exhibit
10.1		Amendment No. 1 to Receivables Financing Agreement, dated December 15, 2025, by and among Deluxe Receivables LLC, Deluxe Corporation, MUFG Bank, Ltd., and the group agents and lenders party thereto.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 17, 2025	DELUXE CORPORATION
	By:	/s/ Jeffrey L. Cotter
	Name:	Jeffrey L. Cotter
	Title:	Chief Administrative Officer, Senior Vice President and General Counsel

FAQ

What did Deluxe Corporation (DLX) change in its receivables financing arrangement?

Deluxe, through Deluxe Receivables LLC, amended its receivables financing agreement to increase the facility limit to $100,000,000, raise the required capital amount to $17,500,000, and extend the scheduled termination date to December 14, 2028.

When did Deluxe Corporation (DLX) enter into the amended receivables financing agreement?

The amendment, referred to as Amendment No. 1 to the Receivables Financing Agreement, was entered into on December 15, 2025, which is described as the closing date.

How is the drawn fee structured under Deluxe Corporations amended receivables facility?

The drawn fee is tied to Deluxes long-term debt ratings using a four-level grid. Depending on the rating, the drawn fee ranges from 1.00% at Pricing Level I up to 1.40% at Pricing Level IV.

What is Deluxe Corporations current pricing level and drawn fee under the amended facility?

As of the closing date for the amendment, Deluxe is at Pricing Level II, which corresponds to a drawn fee percentage of 1.15% under the revised fee grid.

How long does Deluxe Corporations amended receivables financing agreement run?

The scheduled termination date of the receivables financing agreement was extended from March 12, 2027 to December 14, 2028, lengthening the term of this funding arrangement.

What SEC report items does Deluxe Corporations update relate to?

The update is described as both the entry into a material definitive agreement and the creation of a direct financial obligation, with Item 2.03 information incorporated from Item 1.01.