Daily News: August 27, 2018

BofA Agents $175MM Upsize for WEX


WEX, a provider of corporate payment solutions has repriced its senior secured credit loans under its existing credit facility, extending the deadline to July 1, 2023, increasing the revolver by $150 million and providing an additional $25 to reduceanche A term loan

The lenders have amended WEX’s facility to reduce the applicable interest rate margin at current levels for both LIBOR borrowings and base rate borrowing by 25 basis points for revolving credit loans. In addition, the amendment. The amendment made other changes, including modifying the leverage ratios for determining the applicable interest rate on the tranche A-3 term loans and the revolving credit loans, and modifying certain financial covenants.

Additionally, the amendment modifies the definition of specified acquisition to allow the Company to designate, one time, an acquisition involving the payment of consideration in excess of $300 million and thereby permanently step up the leverage ratio by 0.5x.

Following the repricing, the applicable interest rate margin for the revolving credit loans and tranche A-3 term loans will be set at 2.00% for LIBOR borrowings and 1.00% for base rate borrowings.

In connection with the execution of the amendment, the company paid certain customary fees and expenses of Bank of America in its capacity as administrative agent, joint lead arranger and joint bookrunner. MUFG Union Bank, SunTrust Robinson Humphrey, and Citizens Bank also acted as joint lead arrangers and joint bookrunners, and Bank of Montreal acted as documentation agent.