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Automatic Data Processing secures 2 credit facilities

Automatic Data Processing Inc. secured two credit agreements totaling $7.55 billion.

The $3.80 billion facility will expire June 12, 2019, or June 12, 2020, depending on the company. The facility replaced the company’s previous $3.50 billion 364-day facility.

Commitments under a $3.75 billion five-year facility can go up by $500.0 million to $4.25 billion, subject to the availability of additional commitments. The facility will expire June 13, 2023, but the company can request lenders to extend the commitments for one year. This replaced the company's prior $3.75 billion five-year facility.

JPMorgan Chase Bank NA served as administrative agent, while Bank of America NA, BNP Paribas, Wells Fargo Bank NA, Citibank NA and MUFG Bank Ltd., served as syndication agents for the facilities.

JPMorgan Chase Bank NA, Merrill Lynch Pierce Fenner & Smith Inc., BNP Paribas Securities Corp., Wells Fargo Securities LLC, Citibank NA and MUFG Bank Ltd. served joint lead arrangers and joint book runners, while Deutsche Bank Securities Inc. and Barclays Bank PLC served as documentation agents for the facilities.