WEX launches $1.19 billion term loan B repricing at Libor plus 275 bps

By Sara Rosenberg

New York, June 12 – WEX Inc. held a lender call on Monday to launch a repricing of its $1,191,000,000 term loan B (BB-) that is talked at Libor plus 275 basis points with a 0% Libor floor and a par issue price, according to a market source.

The repriced term loan B includes 101 soft call protection for six months, the source said.

Bank of America Merrill Lynch is the lead bank on the deal.

The repricing will take the term loan B down from Libor plus 350 bps with a 0.75% Libor floor.

Commitments are due at noon ET on Friday, the source said.

The company said in an 8-K filed with the Securities and Exchange Commission that it is also seeking a repricing of its $438 million term loan A (BB-).

WEX is a South Portland, Maine-based provider of corporate payment solutions.

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