8-KOther EventsExhibits & Filings

CORPAY, INC. 8-K Report, Corporate Update (Mar 12, 2013)

Filed March 12, 2013For Securities:CPAY

Summary

FleetCor Technologies, Inc. (CPAY) filed an 8-K on March 12, 2013, to report on a significant secondary offering of its common stock. On March 6, 2013, the Company entered into an Underwriting Agreement with Citigroup Global Markets Inc. and various selling stockholders, including entities associated with Summit Partners and Bain Capital. This agreement facilitated the sale of an aggregate of 4,500,000 shares of the Company's common stock to the public.

Key Highlights

  • 1FleetCor Technologies, Inc. (CPAY) announced an Underwriting Agreement for a secondary offering of its common stock.
  • 2The event date for the agreement was March 6, 2013.
  • 3The offering involves the sale of 4,500,000 shares of common stock.
  • 4Key selling stockholders include entities associated with Summit Partners and Bain Capital, along with other named selling stockholders.
  • 5Citigroup Global Markets Inc. acted as the Underwriter for the offering.
  • 6The Company issued press releases on March 6 and March 7, 2013, to announce the offering and its commencement, respectively.
  • 7This filing is primarily informational, detailing the terms of the underwriting agreement and related announcements.

Frequently Asked Questions

This 8-K filing serves to inform investors about the execution of an Underwriting Agreement for a secondary offering of FleetCor Technologies, Inc. common stock and to provide related press release announcements. It details the terms of the sale of 4.5 million shares by existing stockholders.

The primary parties involved are FleetCor Technologies, Inc. (as the issuer of the shares being sold), the selling stockholders (which include entities associated with Summit Partners and Bain Capital, among others), and Citigroup Global Markets Inc., which is acting as the underwriter.

This is a secondary offering, meaning existing shares held by the named selling stockholders are being sold to the public. FleetCor Technologies, Inc. is not issuing new shares in this transaction; however, it is involved in the underwriting agreement as the issuer of the stock and will likely receive proceeds related to the transaction from the selling stockholders.

The involvement of Summit Partners and Bain Capital, which are prominent private equity firms, suggests they are likely exiting or reducing their investment in FleetCor Technologies. This is common in secondary offerings following private equity investment or during periods of strategic portfolio management by these firms.