8-KMaterial AgreementsRegulation FDExhibits & Filings

CORPAY, INC. 8-K Report, Material Agreement (May 22, 2026)

Filed May 22, 2026For Securities:CPAY

Summary

Corpay, Inc. (CPAY) announced a significant amendment to its Credit Facility on May 21, 2026, through the Eighteenth Amendment. This strategic move substantially enhances the company's financial flexibility and capacity. Key changes include a notable increase in revolving credit facility commitments by $0.9 billion to $3.7 billion, and an expansion of Term Loan A by $0.4 billion to $3.3 billion. Additionally, the company significantly bolstered its Term Loan B-6 by $2.05 billion, bringing the total to $2.95 billion. These actions were accompanied by the full repayment of its Term Loan B-5 using a combination of the new credit facilities, streamlining the company's debt structure. The amendment also extends the maturity of both the revolving credit facility and Term Loan A by five years, pushing them to May 21, 2031, and the Term Loan B-6 to November 5, 2032. This extension provides Corpay with a longer runway for its financial obligations. The company intends to use the remaining proceeds from these credit enhancements for general corporate purposes, indicating a proactive approach to managing its capital structure and supporting future growth initiatives.

Key Highlights

  • 1Corpay's Credit Facility significantly expanded with total revolving credit commitments increased to $3.7 billion and Term Loan A to $3.3 billion.
  • 2Term Loan B-6 saw a substantial increase of $2.05 billion, reaching a total of $2.95 billion.
  • 3Maturity dates for the revolving credit facility and Term Loan A extended by five years to May 21, 2031.
  • 4Term Loan B-5 was fully repaid using proceeds from the new credit facilities, simplifying the debt profile.
  • 5The company is leveraging these expanded credit lines for general corporate purposes, suggesting confidence in future operations and potential investments.
  • 6A new pricing grid is in place, offering more favorable terms based on either credit ratings or leverage ratios.
  • 7The debt is secured by substantially all assets of Corpay and its domestic subsidiaries, with certain customary exclusions.

Frequently Asked Questions

The primary purpose of the Eighteenth Amendment is to significantly increase Corpay's borrowing capacity and extend its debt maturity profiles, providing greater financial flexibility and resources for general corporate purposes and potentially supporting future growth initiatives.

The amendment increases overall debt capacity through larger revolving credit and term loan facilities. Importantly, it allowed Corpay to fully repay its Term Loan B-5, simplifying its debt structure. The maturities for key facilities have also been extended, pushing out repayment deadlines.

The revolving credit facility and Term Loan A now have a maturity date of May 21, 2031, representing a five-year extension. Term Loan B-6 matures on November 5, 2032.

Corpay intends to use the remaining proceeds from the credit facility amendments for general corporate purposes. This can encompass a range of activities such as working capital, capital expenditures, strategic investments, or other operational needs.