In addition, Santander Bank’s Commercial Banking division provided a $142 million participation commitment in connection with a $1.7 billion senior credit facility.
WEX is a financial technology service provider of payment processing and information management services in North America, South America, the Asia-Pacific region, and Europe. WEX works across a wide spectrum of sectors including fleet, travel and healthcare.
The financing supported WEX’s acquisitions of Noventis, an innovative solution provider focusing on bill and invoice payment delivery, and Discovery Benefits, a leader in employee benefits administration. The bank also entered into a currency hedging program for WEX’s subsidiary in Brazil.
“Our relationship with WEX is a great example of Santander’s ability to support our clients’ needs by leveraging both our capabilities in the U.S., as well as our best-in-class global network and service platforms,” said Robert Cerminaro, market director, New England Middle Market Banking at Santander Bank. “We look forward to being a long-term trusted advisor for WEX and delivering innovative ideas in support of their ongoing success.”
WEX is a South Portland, ME-based company. It operates in more than 10 countries and in more than 20 currencies and has nearly 5,000 associates around the world.