Intermex updates loan interest rate, terms for restricted payments

Chicago, Nov. 11 – International Money Express, Inc. (Intermex) amended and restated its credit agreement from June 24, 2021 with KeyBank NA as administrative agent, according to a press release.

The amendment replaced the benchmark for the interest rate with SOFR, from Libor. Interest on the term loan and revolving loans will now be at SOFR plus a 10 basis points credit spread adjustment and a margin of 250 bps to 300 bps. The margin will be based on the company’s consolidated leverage ratio.

Additionally, the amendment improved the terms regarding restricted payments, including stock repurchases. Now, as long as the consolidated leverage ratio is maintained at 2.25 or less, the company has more flexibility.

In addition, the company may make restricted payments that are not more than the greater of either $23.75 million or 25% of consolidated EBITDA for the most recently completed four fiscal quarters of the company.

The money remittance services company is based in Miami.

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