WEX Inc. Announces Plans for Potential Debt Repricing
January 05 2018 - 6:30AM
Business Wire
WEX Inc. (NYSE: WEX), a leading provider of corporate payment
solutions (the “Company”), today announced that it has invited
certain prospective lenders to a meeting scheduled for January 8,
2018 for the purpose of considering potential amendments to its
credit facility, including a repricing of the Company’s existing
$1.185 billion Term Loan B (the “Potential Repricing”) and a
potential $100 million increase to its Term Loan B. There can be no
assurance that the Company will be able to complete any such
transaction, which is subject to market and other customary
conditions.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983,
WEX has expanded the scope of its business into a multi-channel
provider of corporate payment solutions representing more than 10
million vehicles and offering exceptional payment security and
control across a wide spectrum of business sectors. WEX serves a
global set of customers and partners through its operations around
the world, with offices in the United States, Australia, New
Zealand, Brazil, the United Kingdom, Italy, France, Germany,
Norway, and Singapore. WEX and its subsidiaries employ more than
2,700 associates. The Company has been publicly traded since 2005,
and is listed on the New York Stock Exchange under the ticker
symbol “WEX.” For more information, visit www.wexinc.com and follow
WEX on Twitter at @WEXIncNews.
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. 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 Repricing. 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,
and all phases of operations, 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, including Electronic Funds Source LLC's
operations and employees; 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, 2016, filed on Form 10-K with the Securities and
Exchange Commission on March 6, 2017 and the Company’s Quarterly
Report on Form 10-Q for the three months ended March 31, 2017 filed
with the Securities and Exchange Commission on May 8, 2017.
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: http://www.businesswire.com/news/home/20180105005166/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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