Summary
FleetCor Technologies, Inc. (now Corpay, Inc.) filed an 8-K on February 5, 2013, to report a material definitive agreement. Specifically, the company announced the eighth amendment to its receivables purchase agreement, effectively extending its securitization facility. This facility, which allows certain subsidiaries to purchase receivables, will now remain in place until February 3, 2014, with the current purchase limit unchanged at $500 million. This extension is significant for investors as it provides continued access to a key source of funding for the company's operations. Maintaining this $500 million revolving purchase limit ensures that FleetCor can continue to finance its receivables, which is crucial for its business model of providing specialized payment solutions. The amendment demonstrates the ongoing support from its financial partners, providing a degree of stability and predictability for the company's short-to-medium term financing.
Key Highlights
- 1FleetCor Technologies, Inc. (now Corpay) extended its securitization facility through an eighth amendment to its receivables purchase agreement.
- 2The facility termination date has been extended to February 3, 2014.
- 3The current purchase limit under the securitization facility remains at $500 million.
- 4Purchasers are contractually committed to purchase up to $500 million of receivables on a revolving basis through the new termination date.
- 5This extension provides continued access to a significant funding source for the company's operations.
- 6The amendment was entered into on February 4, 2013.
- 7The Chief Financial Officer, Eric R. Dey, signed the filing.