WEX, a provider of corporate payment solutions, repriced its secured term loans under its existing credit facility. Bank of America acted 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, with Bank of Montreal serving as documentation agent.
The amendment reduces the applicable interest rate margin at current levels for LIBOR borrowings by 50 basis points for the company’s existing tranche B term loans, as well as the incurrence of an additional $153 million of tranche term B loans. The applicable interest rate margin for the tranche B term loans will be set at 2.25% for LIBOR borrowings.
The net proceeds from this transaction will be used to reduce borrowings under the company’s existing revolver.