Corpay Inc. (NYSE: CPAY) completed an amendment to increase its revolving credit facility by $925 million to $3.7 billion and raised its Term Loan A by $420 million to $3.3 billion, both with new five-year terms. The interest rates on the USD facilities are 10 basis points lower than the existing facilities.

The corporate payments company plans to use $1 billion of the proceeds to pay down and refinance a portion of its Term Loan B, resulting in a $2.9 billion Term Loan B maturing in November 2032. The refinancing extends the facility's maturity to 2031 and increases liquidity by over $1 billion.

"We're very pleased to upsize and extend our credit facilities," said Ron Clarke, chairman and chief executive officer. "This is a reflection of the durability of Corpay's earnings power, and these amended facilities provide us additional liquidity to grow the business."

Chief Financial Officer Peter Walker noted the refinancing will result in lower annual interest expense and interest expense savings for the extended term.

Bank of America N.A. serves as the Administrative Agent, with BofA Securities Inc., PNC Bank National Association, J.P. Morgan Chase Bank N.A., Barclays Bank PLC, TD Securities (USA) LLC, Wells Fargo Securities LLC, and BMO Capital Markets Corp. acting as Joint Lead Arrangers and Joint Bookrunners.

The Bank of Nova Scotia, Capital One National Association, Citizens Bank N.A., Fifth Third Bank National Association, Industrial and Commercial Bank of China Limited New York Branch, Keybanc Capital Markets PLC, Mizuho Bank LTD, Truist Securities Inc., and Royal Bank of Canada served as joint lead arrangers.