WEX Inc. Announces Plans for Potential Debt Repricing and Maturity Extension
August 17 2018 - 6:45AM
Business Wire
WEX Inc. (NYSE:WEX), a leading provider of corporate payment
solutions (the “Company”), today announced that it is providing
certain prospective lenders information for purposes of considering
potential amendments to its credit facility, including increasing
the commitments under the tranche A term loan and revolving credit
loans by up to $25 million and $150 million, respectively,
extending the maturity date of the Loans, reducing the interest
rate applicable to revolving credit loans, modifying the leverage
ratios for determining the applicable interest rate on the tranche
A term loans, and modifying certain financial covenants
(collectively, the “Potential Amendment and Extension”). There can
be no assurance that the Company will be able to complete any such
transaction, which would be subject to market and other customary
conditions.
About WEX Inc.
Powered by the belief that complex payment systems can be made
simple, WEX Inc. (NYSE:WEX) is a leading provider of payment
processing and business solutions across a wide spectrum of
sectors, including fleet, travel and healthcare. WEX operates in
more than 10 countries and in more than 20 currencies through more
than 3,500 associates around the world. WEX fleet cards offer 11.5
million vehicles exceptional payment security and control; purchase
volume in its travel and corporate solutions grew to $30.3 billion
in 2017; and the WEX Health financial technology platform helps
300,000 employers and more than 25 million consumers better manage
healthcare expenses. For more information, visit
www.wexinc.com.
Safe Harbor Statement
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such by the context of the statements,
including words such as “believe,” “expect,” “anticipate,” “plan,”
“may,” “would,” “intend,” “estimate,” “guidance” and other similar
expressions, whether in the negative or affirmative, although not
all forward-looking statements contain such words. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which the Company operates and management’s beliefs and
assumptions. There can be no assurance that the Company will be
able to complete the Potential Amendment and Extension. The Company
cannot guarantee that it actually will achieve the financial
results, plans, intentions, expectations or guidance disclosed in
the forward-looking statements made. Such forward-looking
statements involve a number of risks and uncertainties, any one or
more of which could cause actual results to differ materially from
those described in such forward-looking statements. Such risks and
uncertainties include or relate to, among other things: the effects
of general economic conditions on fueling patterns as well as
payment and transaction processing activity; the impact of foreign
currency exchange rates on the Company’s operations, revenue and
income; changes in interest rates; the impact of fluctuations in
fuel prices; the effects of the Company’s business expansion and
acquisition efforts; potential adverse changes to business or
employee relationships, including those resulting from the
completion of an acquisition; competitive responses to any
acquisitions; uncertainty of the expected financial performance of
the combined operations following completion of an acquisition; the
ability to successfully integrate the Company's acquisitions; the
ability to realize anticipated synergies and cost savings;
unexpected costs, charges or expenses resulting from an
acquisition; the Company's failure to successfully operate and
expand ExxonMobil's European and Asian commercial fuel card
programs; the failure of corporate investments to result in
anticipated strategic value; the impact and size of credit losses;
the impact of changes to the Company's credit standards; breaches
of the Company’s technology systems or those of third-party service
providers and any resulting negative impact on the Company’s
reputation, liabilities or relationships with customers or
merchants; the Company’s failure to maintain or renew key
agreements; failure to expand the Company’s technological
capabilities and service offerings as rapidly as the Company’s
competitors; failure to successfully implement the Company’s
information technology strategies and capabilities in connection
with its technology outsourcing and insourcing arrangements and any
resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or
other subsidiaries or affiliates; the impact of the Company’s
outstanding notes on its operations; the impact of increased
leverage on the Company's operations, results or borrowing capacity
generally, and as a result of acquisitions specifically; the
incurrence of impairment charges if the Company’s assessment of the
fair value of certain reporting units changes; the uncertainties of
litigation; as well as other risks and uncertainties
identified in Item 1A of the Company’s Annual Report for the year
ended December 31, 2017, filed on Form 10-K with the Securities and
Exchange Commission on March 1, 2018.
The Company's forward-looking statements do not reflect the
potential future impact of any alliance, merger, acquisition,
disposition or stock repurchases. The forward-looking statements
speak only as of the date of this press release and undue reliance
should not be placed on these statements. The Company disclaims any
obligation to update any forward-looking statements as a result of
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20180817005041/en/
News media:WEX Inc.Jessica Roy, 207-523-6763Jessica.Roy@wexinc.comorInvestors:WEX
Inc.Steve Elder, 207-523-7769Steve.Elder@wexinc.com
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