8-KMaterial AgreementsFinancial EventsExhibits & Filings

CORPAY, INC. 8-K Report, Material Agreement (Mar 1, 2011)

Filed March 1, 2011For Securities:CPAY

Summary

This Form 8-K filing by Corpay, Inc. (formerly FleetCor Technologies, Inc.) on March 1, 2011, details a material amendment to its existing Securitization Facility. Effective February 24, 2011, the company has extended the termination date of this $500 million receivables purchase agreement to February 23, 2012. This extension provides continued access to a significant financing resource. Crucially for investors, the amendment also removes a restrictive covenant previously related to acquisitions. This could signal a more flexible approach to strategic growth opportunities moving forward. The filing also incorporates this information under the section for creation of financial obligations, highlighting the importance of this facility to the company's financial structure. The company noted existing commercial banking relationships and prior involvement with PNC Capital Markets LLC in its IPO.

Key Highlights

  • 1FleetCor Technologies, Inc. has extended its $500 million Securitization Facility, originally dated October 29, 2007, to February 23, 2012.
  • 2The amendment removes a restrictive covenant previously associated with acquisitions, offering greater flexibility for future growth strategies.
  • 3The facility allows for the purchase of receivables on a revolving basis up to $500 million.
  • 4The amendment was made through a fourth amendment to the receivables purchase agreement and a second amendment to the performance guaranty.
  • 5The company continues to utilize PNC Bank, National Association as administrator for the Securitization Facility.
  • 6The filing also acknowledges a pre-existing commercial banking relationship with PNC Bank and the role of its affiliate in the company's IPO.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report a material amendment to Corpay, Inc.'s (then FleetCor Technologies, Inc.) Securitization Facility. This amendment extends the facility's term and removes a restrictive covenant.

The extension provides Corpay with continued access to a $500 million facility for purchasing receivables on a revolving basis until February 23, 2012, ensuring ongoing operational funding and financial flexibility.

Removing the restrictive covenant related to acquisitions provides Corpay with greater flexibility to pursue strategic growth opportunities through acquisitions without facing prior contractual limitations.

While not creating entirely new obligations, the amendment modifies and extends existing financial obligations under the Securitization Facility and the performance guaranty. The filing incorporates this information under Item 2.03, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.