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WEX modifies $1.44 billion term loan B discount to 99.5
By Sara Rosenberg
New York, March 19 – WEX Inc. changed the original issue discount on its $1.442 billion term loan B (Ba2) due 2028 to 99.5 from 99.25, according to a market source.
Pricing on the term loan remained at Libor plus 225 basis points with a 0% Libor floor.
The term loan has 101 soft call protection for six months.
BofA Securities Inc. is the lead on the deal.
Recommitments were scheduled to be due at noon ET on Friday, the source added.
The company also plans on getting a revolving credit facility due 2026 and a term loan A due 2026.
Proceeds will be used to refinance existing credit facilities to extend maturities.
WEX is a Portland, Me.-based financial technology service provider.
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