8-KMaterial AgreementsFinancial EventsExhibits & Filings

CORPAY, INC. 8-K Report, Material Agreement (Feb 3, 2014)

Filed February 3, 2014For Securities:CPAY

Summary

FleetCor Technologies, Inc. (now Corpay, Inc.) filed an 8-K on February 3, 2014, reporting a material amendment to its existing securitization facility. Specifically, the company executed a tenth amendment to its fourth amended and restated receivables purchase agreement. This amendment extends the termination date of the facility to February 2, 2015, ensuring continued access to a $500 million revolving purchase limit for receivables. The primary impact for investors is the confirmation of ongoing financing availability for the company's operations. The extension of this facility provides financial stability and predictability for at least another year, allowing FleetCor to continue its business operations, including the purchasing of receivables, without immediate concerns regarding this specific funding source. The report also clarifies that beyond standard commercial banking relationships with PNC Bank, Wells Fargo, and Credit Agricole, there are no other material relationships with the parties involved in this amendment.

Key Highlights

  • 1FleetCor Technologies (CPAY) filed an 8-K on February 3, 2014.
  • 2The company entered into the tenth amendment to its fourth amended and restated receivables purchase agreement.
  • 3This amendment extends the facility termination date to February 2, 2015.
  • 4The securitization facility has a current purchase limit of $500 million.
  • 5This $500 million limit is available on a revolving basis through the extended termination date.
  • 6The amendment provides continued access to financing for receivables.
  • 7The company noted existing commercial banking relationships with PNC Bank, Wells Fargo, and Credit Agricole.

Frequently Asked Questions

The main purpose of this 8-K filing is to report a material amendment to FleetCor Technologies' existing securitization facility. Specifically, it extends the termination date of the receivables purchase agreement and confirms the continued availability of funding.

The amendment ensures that FleetCor has access to a $500 million revolving facility for purchasing receivables until February 2, 2015. This provides financial stability and predictability for the company's operations and funding needs for at least another year.

No, other than existing commercial banking relationships with PNC Bank, Wells Fargo, and Credit Agricole, the company and its affiliates do not have any other material relationships with the parties involved in this securitization agreement amendment.

The $500 million purchase limit represents the maximum amount of receivables that can be purchased by the purchasers under the securitization facility on a revolving basis. The extension of this limit is a key aspect of the amendment, ensuring continued funding capacity.