Automatic Data Processing Enters New Credit Agreements
MT Newswires Live
Jun 29
Automatic Data Processing (ADP) replaced its existing credit agreements with new $5.7 billion 364-day and $3.5 billion five-year revolving credit facilities, the company said in a late Friday filing.
The five-year facility includes an option to increase commitments by up to $500 million, and both facilities will be used for general corporate purposes, the company said.
The 364-day facility matures in June 2027, with an option to extend outstanding borrowings by one year, while the five-year facility matures in June 2031, the company added.
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